The Dow Market Happenings For Wednesday, June 16, 2021 – American Express (AXP) +37.52% YTD

There are no Dow stocks hitting 52 week highs. There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -16 points.

Tuesday the Dow was down -94.42 (-0.27%) at 34,299.33.

Year-to-date the Dow is up +12.07%.

There were 9 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by Chevron (CVX) 110.30 (+2.16%), American Express (AXP) 166.27 (+1.50%) and Travelers (TRV) 154.62 (+0.89%).

The Dow stock losers Tuesday were led by JPMorgan (JPM) 155.18 (-1.52%), Salesforce (CRM) 242.58 (-1.49%) and Disney (DIS) 175.86 (-1.30%).

U.S. stock futures were flat ahead of Wednesday afternoon’s conclusion of the Federal Reserve’s two-day meeting. No policy changes are expected, but Wall Street wants to know whether the Fed still thinks rising inflation is transitory and whether its latest view will lead to a sooner-than-expected rate hike and a tapering of its massive bond buying program.

The 10-year Treasury yield was also awaiting the Fed, with rates at 1.5%. Bonds were little changed Tuesday after the government’s May producer price index showed a 6.6% gain on an annual basis, the largest 12-month increase on record. The PPI data came less than a week after a 5% year-over-year rise in consumer prices in May, the fastest pace since August 2008.

Housing starts and building permits for May, the final piece of major economic data before the Fed’s decision, was released Wednesday morning. New construction in May rose 3.6% to a seasonally adjusted annual rate of 1.57 million units. Building permit activity was also below estimates, dropping 3% last month to a seasonally adjusted annual rate of 1.68 million. Both starts and permits were revised lower for April.

In one of the most highly anticipated geopolitical events of the year, the meeting of U.S. President Joe Biden and Russian President Vladimir Putin got underway Wednesday in Geneva. The summit comes as relations between the two nations have deteriorated, with the U.S. accusing Russia of election meddling as well as involvement in human rights abuses and recent cyberattacks. Russia has always denied the multiple accusations leveled against it, saying it’s a victim of anti-Russian sentiment in the West.

US futures are mostly lower, European stocks are mostly higher and Asian markets ended mostly lower.

The national average price of gasoline is down one-tenth of a cent at $3.075 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 6/24/2021 after the market close.

Today’s Featured Dow Stock

American Express (AXP)

American Express (AXP) 166.27 (+1.50%) is up +37.52% in 2021.

Financial Calendar

FOMC Meeting Ends

7:00 AM ET MBA Mortgage Applications

8:30 AM ET Housing Starts and Permits

8:30 AM ET Import and Export Prices

10:00 AM ET Atlanta Fed Business Inflation Expectations

10:30 AM ET EIA Petroleum Status Report

2:00 PM ET FOMC Announcement

2:30 PM ET Fed Chair Press Conference

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