DJIA Market Happenings For Wednesday, May 29, 2013

Dow stocks at 52 week highs include American Express (AXP), 3M (MMM), Chevron (CVX) and Boeing (BA). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed up +106..29 (+0.69%) at 15,409.39.

This morning the Dow was indicated to open down -75 points.

The International Monetary Fund cut the growth forecast for China, the world’s No. 2 economy. The IMF raised concerns about a rapid expansion in credit there and the ability of borrowers to repay the loans.

The S&P/Case-Shiller Index showed Tuesday that housing prices rose 10.2% during the first quarter, the biggest increase since 2007.

Year-to-date the Dow is up +17.59%.

European markets are down and Asian markets ended mixed.

The national average price of gasoline is down five-tenths of a cent to $3.621 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Other stocks expected to report earnings today include:

The Bank of Montreal (BMO) – Second quarter EPS expectations of $1.50 vs. $1.44 a year ago.

Dollar General (DG) – First quarter EPS expectations of $0.71 vs. $0.63 a year ago.

DSW Inc. (DSW) – Frst quarter EPS expectations of $0.90 vs. $0.98 a year ago.

Michael Kors Holdings (KORS) – Fourth quarter EPS expectations of $0.39 vs. $0.22 a year ago.

The Fresh Market (TFM) – First quarter EPS expectations of $0.44 vs. $0.40 a year ago.

Dollar General (DG) ).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -9.8% with purchase sub-index -3.0% and the refi sub-index 11.7%.

1300 ET Boston Fed President Eric Rosengren speaks on the economic outlook to the Economic Club of Minnesota.

1300 ET Treasury auctions $35 billion of 5-year T-notes.

1630 ET API weekly U.S. oil statistics.

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