The Dow Market Happenings For Thursday, July 23, 2020

Dow stocks hitting 52 week highs include Home Depot (HD). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -37 points.

Wednesday the Dow was up +165.44 (+0.62%) at 27,005.84.

Year-to-date the Dow is down -5.37%.

There were 23 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Pfizer (PFE) 38.56 (+5.10%), Dow (DOW) 44.34 (+3.02%) and McDonald’s (MCD) 198.62 (+2.92%).

The Dow stock losers Wednesday were led by Goldman Sachs (GS) 206.00 (-2.84%), Exxon Mobil (XOM) 43.61 (-2.33%) and JPMorgan (JPM) 98.69 (-0.72%).

Unemployment insurance weekly claims in the week ending July 18, the advance figure for seasonally adjusted initial claims was 1,416,000, an increase of 109,000 from the previous week’s revised level. The previous week’s level was revised up by 7,000 from 1,300,000 to 1,307,000. The 4-week moving average was 1,360,250, a decrease of 16,500 from the previous week’s revised average. The previous week’s average was revised up by 1,750 from 1,375,000 to 1,376,750. The advance seasonally adjusted insured unemployment rate was 11.1 percent for the week ending July 11, a decrease of 0.7 percentage point from the previous week’s revised rate. The previous week’s rate was revised down by 0.1 from 11.9 to 11.8 percent. The advance number for seasonally adjusted insured unemployment during the week ending July 11 was 16,197,000, a decrease of 1,107,000 from the previous week’s revised level. The previous week’s level was revised down by 34,000 from 17,338,000 to 17,304,000. The 4-week moving average was 17,505,250, a decrease of 758,500 from the previous week’s revised average. The previous week’s average was revised down by 8,500 from 18,272,250 to 18,263,750. It was the 18th straight week in which initial claims totaled more than 1 million. Economists had expected there to be 1.3 million. Thursday’s report also snapped a 15-week streak of declining initial claims.

Dow (DOW) rose 1.6% in premarket trading Thursday, after reporting a slightly wider-than-expected loss but reported revenue that fell less than expected. The company also said it will cut its workforce by 6% as part of a restructuring aimed at increasing its expense reduction target to $500 million from $350 million. The net loss was $225 million, or 31 cents a share, after a net income of $75 million, or 10 cents a share, in the year-ago period. The operating loss, which excluding non-recurring items such as integration and separation costs, the per-share loss was 26 cents, compared with the consensus for a loss of 27 cents. Sales fell 24% to $8.35 billion, above the consensus of $8.04 billion, as all three of its business segments beat sales expectations.

European stocks are mostly higher and Asian markets ended mostly lower.

The national average price of gasoline is unchanged at $2.187 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 6/25/2020 after the market close of -$0.51, missing estimates calling for $0.016 per share.

Walgreens (WBA) reported earnings on 7/9/2020 before the market open of $0.83, missing estimates calling for $1.103 per share.

JPMorgan (JPM) reported earnings on 7/14/2020 before the market open of $1.38, beating estimates calling for $1.336 per share.

Goldman Sachs (GS) reported earnings on 7/15/2020 before the market open of $6.26, beating estimates calling for $3.972 per share.

UnitedHealth (UNH) reported earnings on 7/15/2020 before the market open of $7.12, beating estimates calling for $5.158 per share.

Johnson & Johnson (JNJ) reported earnings on 7/16/2020 before the market open of $1.67, beating estimates calling for $1.496 per share.

IBM (IBM) reported earnings on 7/20/2020 after the market close of $2.18, beating estimates calling for $2.136 per share.

Coca Cola (KO) reported earnings on 7/21/2020 before the market open of $0.42, beating estimates calling for $0.404 per share.

Microsoft (MSFT) reported earnings on 7/22/2020 after the market close of $1.46, beating estimates calling for $1.384 per share.

Dow (DOW) reported earnings on 7/23/2020 before the market open of -$0.26, beating estimates of -$0.296 per share.

Travelers (TRV) reported earnings on 7/23/2020 before the market open of -$0.20, meeting estimates of -$0.20 per share.

Intel (INTC) reports earnings on 7/23/2020 after the market close.

American Express (AXP) reports earnings on 7/24/2020 before the market open.

Verizon (VZ) reports earnings on 7/24/2020 before the market open.

McDonald’s (MCD) reports earnings on 7/28/2020 before the market open.

3M (MMM) reports earnings on 7/28/2020 before the market open.

Pfizer (PFE) reports earnings on 7/28/2020 before the market open.

Raytheon Technologies (RTX) reports earnings on 7/28/2020 before the market open.

Visa (V) reports earnings on 7/28/2020 after the market close.

Boeing (BA) reports earnings on 7/29/2020 before the market open.

Procter & Gamble (PG) reports earnings on 7/30/2020 before the market open.

Apple (AAPL) reports earnings on 7/30/2020 after the market close.

Caterpillar (CAT) reports earnings on 7/31/2020 before the market open.

Chevron (CVX) reports earnings on 7/31/2020 before the market open.

Merck (MRK) reports earnings on 7/31/2020 before the market open.

Exxon Mobil (XOM) reports earnings on 7/31/2020 before the market open.

Disney (DIS) reports earnings on 8/4/2020 after the market close.

Today’s Featured Dow Stock

IBM (IBM)

IBM (IBM) is down -4.01% year-to-date. IBM (IBM) YTD low was 90.56 on 3/23/2020. That’s a +28.43% gain off the YTD low.

Financial Calendar

8:30 AM ET Jobless Claims

10:00 AM ET Leading Indicators

10:30 AM ET EIA Natural Gas Report

11:00 AM ET Kansas City Fed Manufacturing Index

11:00 AM ET 3-Month Bill Announcement

11:00 AM ET 6-Month Bill Announcement

11:00 AM ET 2-Yr FRN Note Announcement

11:00 AM ET 2-Yr Note Announcement

11:00 AM ET 5-Yr Note Announcement

11:00 AM ET 7-Yr Note Announcement

11:30 AM ET 4-Week Bill Auction

11:30 AM ET 8-Week Bill Auction

1:00 PM ET 10-Yr TIPS Auction

4:30 PM ET Fed Balance Sheet

4:30 PM ET Money Supply

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