Dow stocks at 52 week highs include Boeing (BA), 3M (MMM) and United Technologies (UTX). There are no Dow stock 52 week lows.
Tuesday the Dow closed up +34.95 (+0.23%) at 15,529.73.
Year-to-date the Dow is up +18.51%..
This morning the Dow was indicated to open up +7 points.
The FOMC concludes its 2-day meeting today. The market is looking for a $10 billion cut in QE3 to $75 billion from the current $85 billion level. The central bank will release a statement at 2 p.m. ET following the conclusion of its latest policy-making meeting. Fed chair Ben Bernanke will then hold a press conference at 2:30 p.m. to discuss the Fed’s latest assessment of the economy and its plans for the future.
Procter & Gamble (PG) was downgraded to “Equal Weight” from “Overweight” at Barclays.
Caterpillar (CAT) was downgraded to “Neutral” from “Outperform” at RW Baird.
AT&T Inc. (T) shares are up in premarket trade as it expanded its Aio Wireless no-contract plans across the US.
Walk Disney Co (DIS) shares are down in premarket trade after the company announced that it is planning to repurchase between $6 and $8 billion shares in fiscal year 2014.
Microsoft yesterday announced that it would return cash to shareholders by increasing its quarterly dividend by 22 percent and reauthorizing $40 billion to buy back shares.
European markets are higher and Asian markets ended mixed.
The national average price of gasoline is down six-tenths of a cent to $3.506 per gallon.
There are no Dow stocks expected to report earnings soon.
Earnings reports from Tuesday include:
Adobe Systems Incorporated (ADBE) reported third quarter EPS of $0.32 on revenue of $995.10 million, compared to last yearâ€™s EPS of $0.58 on revenue of $1.08 billion.
FactSet Research Systems Inc. (FDS) reported fourth quarter EPS of $1.20 on revenue of $219.98 million, compared to last yearâ€™s EPS of $1.08 on revenue of $218.98.
Other stocks expected to report earnings today include:
FedEx Corporation (DX) is expected to report EPS of $1.52 on revenue of $11.00 billion, compared to last yearâ€™s EPS of $1.45 on revenue of $10.79 billion.
General Mills, Inc. (GIS) is expected to report EPS of $0.70 on revenue of $4.30 billion, compared to last yearâ€™s EPS of $0.66 on revenue of $4.05 billion.
Oracle Corporation (ORCL) is expected to report EPS of $0.56 on revenue of $8.48 billion, compared to last yearâ€™s EPS of $0.53 on revenue of $8.21 billion.
Today’s Featured Dow Stock
Hewlett-Packard Co. (HPQ) is up 52.07% year-to-date.
0700 ET Weekly MBA mortgage applications, previous -13.5% with purchase sub-index -2.7% and refi sub-index 20.2%.
0830 ET Aug housing starts expected +2.7% to 920,000, July +5.9% to 896,000. Aug building permits expected -0.4% to 950,000, July +3.9% to 954,000.
1030 ET EIA Weekly Petroleum Status Report.
1400 ET FOMC announces interest rate decision and updates its economic projections.
1400 ET Fed expected to cut QE3 monthly purchases by $10 billion to $75 billion from current $85 billion with monthly MBS purchases unchanged at $40 billion and a $10 billion cut in monthly Treasury purchases to $35 billion from $45 billion.
1430 ET Fed Chairman Ben Bernanke holds press conference following FOMC meeting.