The Dow Market Happenings For Wednesday, December 17, 2014

There are no Dow stocks at 52 week highs. Dow stock 52 week lows include McDonald’s (MCD), Exxon Mobil (XOM), Chevron (CVX) and International Business Machines (IBM)..

The Market

Premarket today, the Dow was indicated to open up +64 points.

Tuesday, the Dow closed down -111.97 (-0.65%) at 17,068.87.

Year-to-date the Dow is up +2.97%.

There were 7 Dow stock winners Tuesday.

Dow stock winners Tuesday include Boeing (BA) +1.78% and 3M (MMM) +1.40%.

Dow stock losers Tuesday included International Microsoft (MSFT) -3.24% and Home Depot (HD) -2.99%.

Wednesday, the Federal Reserve will wrap up its two-day policy meeting, with investors eager to see whether or not the bank has made any changes to its policy statement. The bank is largely expected to be more hawkish, with most expecting to see a change to the policy statement that will suggest an interest rate hike is coming soon. Investors will also be keeping an eye on the bank’s forecasts for economic growth, as plunging oil prices have complicated the U.S. economy’s outlook.

JPMorgan Chase keeps an ‘Overweight’ rating on CVS Health (CVS) and raises the price target on the stock to $108 from $92.

European stocks are lower and Asian markets ended mostly lower.

The national average price of gasoline is down 2.1 cents at $2.505 per gallon. We are $0.72 lower than a year ago.

Earnings Reports.

Nike (NKE) will report earnings on Thursday, 12/18/14 after the market close.

Notable earnings reports from Tuesday include:

Darden Restaurants, Inc. (DRI) reported second quarter EPS of $0.28 on revenue of $1.56 billion, compared to last year’s EPS of $0.15 on revenue of $2.05 billion.

Navistar International Corp (NAV) reported a fourth quarter loss of $0.88 on revenue of $3.01 billion, compared to last year’s loss of $1.90 on revenue of $2.75 billion.

Stocks reporting earnings today include:

FedEx Corporation (FDX) reported second quarter EPS of $2.14 on revenue of $11.98 billion, compared to last year’s EPS of $1.57 on revenue of $11.40 billion.

General Mills, Inc. (S) reported second quarter EPS of $0.80 on revenue of $4.71 billion, compared to last year’s EPS of $0.83 on revenue of $4.88 billion.

Joy Global Inc. (JOY) reported fourth quarter EPS of $1.25 on revenue of $1.13 billion, compared to last year’s EPS of $1.11 on revenue of $1.18 billion.

Oracle Corporation (ORCL) is expected to report second quarter EPS of $0.68 on revenue of $9.52 billion, compared to last year’s EPS of $0.69 on revenue of $9.28 billion.

Today’s Featured Dow Stock

E I du Pont de Nemours and Co. (DD)

E I du Pont de Nemours and Co. (DD) is up +5.62% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +7.3% with purchase sub-index +1.3% and refi sub-index +13.2%.

0830 ET Nov CPI expected -0.1% m/m and +1.4% y/y, Oct unch m/m and +1.7% y/y. Nov CPI ex food & energy expected +0.1% m/m and +1.8% y/y, Oct +0.2% m/m and +1.8% y/y.

0830 ET Q3 current account balance expected -$97.5 billion, Q2 -$98.5 billion.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET FOMC announces interest rate decision and issues updated economic projections.

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