The KUIK Morning Market Report for Friday, November 17:
Markets are down.
Dow Jones Industrial Average
30 Year Treasury
The Commerce Department reports housing starts for October rose 13.7% to a seasonally adjusted annual rate of 1.29 million. September was revised upward to 1.135 million. Economists expected a 1.2 million rate. Big gains came in the South and the Midwest, with some of that activity due to the recovery from the hurricanes that hit Texas and Florida. On a percentage basis, the Northeast was the biggest mover, up 42%, but that’s the smallest region for activity. Single-family starts rose 5.3%, and starts with five or more units were up 37.4%.
House Republicans lost somevotes from their members on the GOP tax bill that passed the house yesterday. The bill eliminates the deduction for state and local income taxes, but preserves the deduction for property tax up to $10,000. That wasn’t enough for some Republicans, mostly from New York and New Jersey, two high-tax states that the deduction favors. Voting “no” on the bill were five New York lawmakers; four from New Jersey; three from California; and one from North Carolina. California and New York together get nearly a third of the deduction’s total value nationwide, according to the Tax Foundation.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.