Dow stocks at 52 week highs include 3M (MMM), United Technologies (UTX) and Wal-Mart (WMT). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +37 points.

Wednesday the Dow was up +8.01 (+0.04%) at 20,957.90.

Year-to-date the Dow is up +6.05%.

There were 17 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Merck (MRK) +1.48% and Chevron (CVX) +1.29%.

The Dow stock losers Wednesday were led by Disney (DIS) -2.40% and Dupont (DD) -1.18%.

The Fed two day FOMC meeting concluded yesterday by not raising rates.

Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 238,000 for the week ended April 29. The labor market is close to full employment, with the unemployment rate at a near 10-year low of 4.5 percent. Economists had forecast first-time applications for jobless benefits falling to 247,000 last week. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, edged up 750 to 243,000 last week.

Brent Crude dropped below $50 a barrel in London for the first time since late March on growing signs that OPEC’s production cuts are failing to clear a surplus of crude.

European stocks are higher and Asian markets ended mostly lower.

The national average price of gasoline is down five-tenths of a cent at $2.367 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.

Home Depot (HD) reports earnings on 5/16/2017 before the market open.

Today’s Featured Dow Stock

Microsoft (MSFT)

Microsoft (MSFT) is up +11.17% year-to-date.

Financial Calendar

0730 ET Apr Challenger job cuts, Mar -2.0% y/y.

0830 ET Weekly initial unemployment claims expected -8,000 to 249,000, previous +14,000 to 257,000. Weekly continuing claims expected +2,000 to 1.990 million, previous +10,000 to 1.988 million.

0830 ET Mar trade balance expected -$44.5 billion, Feb -$43.6 billion.

0830 ET Q1 non-farm productivity expected unch, Q4 +1.3%. Q1 unit labor costs expected +2.7%, Q4 +1.7%.

0830 ET USDA weekly Export Sales.

1000 ET Mar factory orders expected +0.4%, Feb +1.0% and +0.4% ex transportation.