Morning Market Report 5/19/2017

The KUIK Morning Market Report for Friday, May 19:
Markets are up.
Index Direction Change Units Index Time Change  
Dow Jones Industrial Average Up                       79  points            20,742 7:03 AM    
S&P500 Up 0.6% percent            2,379              13.26  
Nasdaq Composite Up 0.6% percent            6,089              33.80  
30 Year Treasury Up                         2 Basis Points              2.92 Annual Yield    
The Trump Administration will release next years budget on Tuesday. It will propose balancing the the federal budget over 10 years.  It will spare Medicare and Social Security, the two largest drivers of future spending  and cut trillions from other programs including  education, housing, environment, and foreign aid already laid out by the administration, and add new proposed reductions to nondiscretionary spending like food stamps, Medicaid, and federal employee-benefit programs.
The House of Representatives could have to vote again on repealing Obamacare, according to Bloomberg. The report quotes Rep. Greg Walden, the Republican who represent’s Oregon 2nd district and chair of the House Energy and Commerce committee. He said parts of the bill might have to be redone depending on how the Congressional Budget Office estimates its effects. House Republicans have yet to send the bill to the Senate because the CBO has to conclude it saves at least $2 billion to conform to rules that prevent a filibuster. The CBO report on the bill is expected next week. House Republicans narrowly passed the measure on May 4.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
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