The Dow Market Happenings For Wednesday, May 3, 2017

Dow stocks at 52 week highs include Apple (AAPL) and Microsoft (MSFT). Dow stock 52 week lows include Verizon (VZ), down -14.05% year-to-date.

The Market

Premarket today, the Dow was indicated to open down -21 points.

Tuesday the Dow was up +36.43 (+0.17%) at 20,949.89.

Year-to-date the Dow is up +6.01%.

There were 20 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by Intel (INTC) +1.82% and Visa (V) +1.40%.

The Dow stock losers Tuesday were led by Procter & Gamble (PG) -1.00% and Travelers (TRV) -0.68%.

The Fed two day FOMC meeting concludes today with announcement at ~11:00 PDT.

Apple (AAPL +0.63%) fell -2.3% in after-hours trading after saying that it is selling fewer phones because consumers are waiting for upgrades on newer models.

European stocks are lower and Asian markets ended mostly higher.

The national average price of gasoline is down seven-tenths of a cent at $2.372 per gallon.

Earnings Reports.

Nike (NKE) reported earnings on 3/21/2017 after the market close of $0.68, beating estimates calling for $0.524 per share.

JPMorgan (JPM) reported earnings on 4/13/2017 before the market open of $1.65, beating estimates calling for $1.512 per share.

Johnson & Johnson (JNJ) reported earnings on 4/18/2017 before the market open of $1.83, beating estimates of $1.767 per share.

Goldman Sachs (GS) reported earnings on 4/18/2017 before the market open of $5.15, missing estimates calling for $5.34 per share.

UnitedHealth (UNH) reported earnings on 4/18/2017 before the market open of $2.37, beating estimates of $2.18 per share.

IBM (IBM) reported earnings on 4/18/2017 after the market close of $2.38, beating estimates calling for $2.341 per share.

American Express (AXP) reported earnings on 4/19/2017 after the market close of $1.34, beating estimates calling for $1.276 per share.

Travelers (TRV) reported earnings on 4/20/2017 before the market open of $2.16, missing estimates calling for $2.409 per share.

Verizon (VZ) reported earnings on 4/20/2017 before the market open of $0.95, missing estimates calling for $0.977 per share.

Visa (V) reported earnings on 4/20/2017 after the market close of $0.86, beating estimates calling for $0.789 per share.

General Electric (GE) reported earnings on 4/21/2017 before the market open of $0.21, beating estimates calling for $0.17 per share.

3M (MMM) reported earnings on 4/25/2017 before the market open$2.16, beating estimates calling for $2.069 per share.

Caterpillar (CAT) reported earnings on 4/25/2017 before the market open of $1.28, smashing estimates calling for $0.618 per share.

Dupont (DD) reported earnings on 4/25/2017 before the market open of $1.64, beating estimates of $1.383 per share.

Coca Cola (KO) reported earnings on 4/25/2017 before the market open of $0.43, missing estimates calling for $0.438 per share.

McDonald’s (MCD) reported earnings on 4/25/2017 before the market open of $1.47, beating estimates calling for $1.318 per share.

Boeing (BA) reported earnings on 4/26/2017 before the market open of $2.01, beating estimates of $1.914 per share.

United Technologies (UTX) reported earnings on 4/26/2017 before the market open of $1.48, beating estimates calling for $1.387 per share.

Procter & Gamble (PG) reported earnings on 4/26/2017 before the market open of $0.96, beating estimates of $0.936 per share.

Intel (INTC) reported earnings on 4/27/2017 after the market close of $0.66, missing estimates calling for $0.672 per share.

Microsoft (MSFT) reported earnings on 4/27/2017 after the market close of $0.73, beating estimates calling for $0.719 per share.

Exxon Mobil (XOM) reported earnings on 4/28/2017 before the market open of $0.95, beating estimates calling for $0.909 per share.

Chevron (CVX) reported earnings on 4/28/2017 before the market open of $1.41, smashing estimates of $0.869 per share.

Merck (MRK) reported earnings on 5/2/2017 before the market open of $0.88, beating estimates of $0.847 per share.

Pfizer (PFE) reported earnings on 5/2/2017 before the market open of $0.69, barely beating estimates calling for $0.6819 per share.

Apple (AAPL) reported earnings on 5/2/2017 after the market close of $2.10, beating estimates calling for $2.060395 per share.

Disney (DIS) reports earnings on 5/9/2017 after the market close.

Today’s Featured Dow Stock

Merck (MRK)

Merck (MRK) is up +6.51% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +2.7% with purchase sub-index -1.0% and refi sub-index +7.2%.

0815 ET Apr ADP employment change expected +178,000, Mar +263,000.

0830 ET Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned May 9-11 in the May quarterly refunding.

0945 ET Revised Apr Markit services PMI expected unrevised at 52.5, prelim-Apr -0.3 to 52.5. Revised Apr Markit composite PMI, Mar -0.3 to 52.7.

1000 ET Apr ISM non-manufacturing PMI expected +0.6 to 55.8, Mar -2.4 to 55.2.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET FOMC announces interest rate decision; fed funds target range expected unchanged at 0.75%-1.00%.

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