Dow stocks at 52 week highs include Disney (DIS) and Merck (MRK). There are no Dow stock 52 week lows.
The Market
Premarket today, the Dow was indicated to open down -47 points.
Thursday, the Dow closed down -8.70 (-0.05%) at 17,069.58.
Year-to-date the Dow is up +2.97%.
Dow stock winners Thursday included Nike (NKE) +1.40% and Home Depot (HD) +1.04%.
Dow stock losers Thursday included Chevron (CVX) -0.83% and Exxon Mobil (XOM) -0.76%.
There were 15 Dow stock winners Thursday.
The Jobs Report said only 142,000 jobs were added in August. The consensus forecast was for a jobs gain of 226,000 jobs. The unemployment rate dipped slightly to 6.1%, down from 6.2% in July. That was in line with estimates. This breaks a streak of six straight months with more than 200,000 jobs added. The economy has averaged a gain of nearly 220,000 jobs added a month, and the payroll gains were revised higher for both June and July.
Speaking late Thursday in New York, Fed Governor Powell said the U.S. labor market has “improved substantially” and that “significant parts” of the FOMC statement need to change.
Also Thursday, the European Central Bank lowered its main interest rate to a record breaking 0.05 percent. Bank President Mario Draghi also announced that the bank was planning to introduce a new asset purchasing program, the details of which will be unveiled in October. Following the announcement, the euro plummeted as most had expected the bank to hold off on further easing for at least another month.
European stocks are lower and Asian markets ended mostly lower.
The national average price of gasoline is up five-tenths of a cent at $3.437 per gallon.
Earnings Reports.
There are no Dow stocks set to report earnings in the near term.
Notable earnings reports from Thursday include:
CIENA Corporation (CIEN) reported third quarter EPS of $0.32 on revenue of $603.60 million, compared to last year’s EPS of $0.23 on revenue of $538.36 million.
Joy Global Inc. (JOY) reported third quarter EPS of $0.80 on revenue of $875.70 million, compared to last year’s EPS of $1.70 on revenue of $1.32 billion.
Quiksilver, Inc. (ZQK) reported a third quarter loss of $0.20 on revenue of $395.70 million, compared to last year’s EPS of $0.10 on revenue of $495.76 million.
UTi Worldwide Inc. (UTIW) reported a second quarter loss of $0.07 on revenue of $1.00 billion, compared to last year’s EPS of $0.05 on revenue of $1.13 billion.
Stocks reporting earnings today include:
Fabrinet (FN) is expected to report fourth quarter EPS of $0.35 on revenue of $172.02 million, compared to last year’s EPS of $0.35 on revenue of $159.93 million.
Piedmont Natural Gas Company (PNY) is expected to report a third quarter loss of $0.07 on revenue of $176.55 million, compared to last year’s loss of $0.03 on revenue of $162.94 million.
Today’s Featured Dow Stock
Verizon Communications Inc. (VZ)
Verizon Communications Inc. (VZ) is up +1.16% year-to-date.
Financial Calendar
0830 ET Aug non-farm payrolls expected +225,000, Jul +209,000. Aug private payrolls expected +210,000, Jul +198,000. Aug manufacturing payrolls expected +15,000, Jul +28,000. Aug unemployment rate expected -0.1 to 6.1%, Jul +0.1 to 6.2%.
0830 ET Aug avg hourly earnings expected +0.2% m/m and +2.1% y/y, Jul unch m/m and +2.0% y/y. Aug avg weekly hours expected unch at 34.5.
0830 ET USDA weekly Export Sales.
1545 ET Boston Fed President Eric Rosengren speaks at the Vermont Bankers Associations annual conference.