DJIA Market Happenings For Thursday, December 22, 2016

Dow stocks at 52 week highs include Chevron (CVX), Dupont (DD), JPMorgan (JPM) and Travelers (TRV). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -5 points.

Wednesday the Dow was down -32.66 (-0.16%) at 19,941.96.

Year-to-date the Dow is up +14.44%.

There were 8 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Nike (NKE) +0.98% and Boeing (BA) +0.70%.

The Dow stock losers Wednesday were led by Merck (MRK) -1.77% and Pfizer (PFE) -1.37%.

Microsoft (MSFT unch) was rated a new ‘Overweight’ at Piper Jaffray with a price target of $80.

The Commerce Department said the economy expanded at a seasonally adjusted 3.5% annualized rate in the third quarter. This is above the government’s prior estimate of 3.2% due to upward revisions in consumer spending and business investment.

Jobless claims increased by 21,000 to 275,000 in the week ended Dec. 17. The median forecast called for 257,000. Continuing claims also climbed.

European stocks are lower and Asian markets ended mostly lower.

The national average price of gasoline is up seven-tenths of a cent at $2.260 per gallon.

Earnings Reports.

Nike (NKE) reported earnings on 12/20/16 after the market close of $0.50, beating estimates calling for $0.431 per share.

Today’s Featured Dow Stock

Procter & Gamble (PG)

Procter & Gamble (PG) is up +6.13% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +3,000 to 257,000, previous -4,000 to 254,000. Weekly continuing claims expected -8,000 to 2.010 million, previous +11,000 to 2.018 million.

0830 ET Revised Q3 GDP expected 3.3% (q/q annualized), previous +3.2%. Q3 personal consumption expected unrevised at +2.8%. Q3 GDP price index expected unrevised at +1.4%. Q3 core PCE expected unrevised at +1.7% q/q.

0830 ET Nov durable goods orders expected -4.9% and +0.2% ex transportation, Oct +4.6% and +0.8% ex transportation. Nov capital goods new orders nondefense ex aircraft expected +0.4%, Oct +0.2%.

0830 ET Nov Chicago Fed national activity index expected -0.02 to -0.10, Oct +0.15 to -0.08.

0830 ET USDA weekly Export Sales.

0900 ET Oct FHFA house price index expected +0.5% m/m, Sep +0.6% m/m.

1000 ET Nov personal spending expected +0.3%, Oct +0.3%. Nov personal income expected +0.3%, Oct +0.6%.

1000 ET Nov PCE deflator expected +0.2% m/m and +1.5% y/y, Oct +0.2% m/m and +1.4% y/y. Nov core PCE deflator expected +0.1% m/m and +1.7% y/y, Oct +0.1% m/m and +1.7% y/y.

1000 ET Nov leading indicators expected +0.1%, Oct +0.1%.

1100 ET Dec Kansas City Fed manufacturing activity expected +3 to 4, Nov -5 to 1.

1100 ET Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Dec 27-29.

1300 ET Treasury auctions $14 billion of 5-year TIPS.

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