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The Market

Premarket today, the Dow was indicated to open down -63 points.

Wednesday the Dow was down -265.66 (-0.77%) at 34,033.67.

Year-to-date the Dow is up +11.20%.

There were 4 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Merck (MRK) 76.61 (+1.20%), JPMorgan (JPM) 156.27 (+0.70%) and Apple (AAPL) 130.15 (+0.39%).

The Dow stock losers Wednesday were led by Dow (DOW) 65.59 (-2.42%), Walmart (WMT) 137.15 (-2.04%) and 3M (MMM) 196.91 (-1.84%).

Dow futures are down -63 points Thursday, one day after the 30-stock average closed off 265 points, or nearly 0.8%, as the Federal Reserve moved up its timetable on interest rate hikes.

The Fed on Wednesday left rates unchanged and made no mention of adjusting its massive Covid-era bond-buying quantitative easing program. Looking ahead, central bankers indicated two rate hikes in 2023. In March, they had expected no rates increases until at least 2024. The Fed on Wednesday also raised its inflation expectation to 3.4%, a full percentage point higher than the March projection. Wednesday’s post-meeting policy statement continued to say that inflation pressures are “transitory,” even as the most recent data on wholesale and consumers prices showed inflation surging a pace not seen in more than a decade. The 10-year Treasury yield ticked higher and lower Thursday morning, trading on either side of 1.57%. It was just below 1.5% moments before the Fed announcements.

Powell said progress toward the Fed’s dual employment and inflation goals were happening somewhat faster than expected. Central bankers raised their GDP expectations for this year to 7% from 6.5% previously. Their unemployment rate estimate remained unchanged at 4.5%.

Unemployment insurance weekly claims in the week ending June 12, the advance figure for seasonally adjusted initial claims was 412,000, an increase of 37,000 from the previous week’s revised level. The previous week’s level was revised down by 1,000 from 376,000 to 375,000. The 4-week moving average was 395,000, a decrease of 8,000 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week’s average was revised up by 500 from 402,500 to 403,000. The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending June 5, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 5 was 3,518,000, an increase of 1,000 from the previous week’s revised level. The previous week’s level was revised up 18,000 from 3,499,000 to 3,517,000. The 4-week moving average was 3,603,750, a decrease of 55,000 from the previous week’s revised average. This is the lowest level for this average since March 21, 2020 when it was 2,071,750. The previous week’s average was revised up by 7,500 from 3,651,250 to 3,658,750. The total number of continued weeks claimed for benefits in all programs for the week ending May 29 was 14,828,950, a decrease of 559,873 from the previous week. There were 30,170,225 weekly claims filed for benefits in all programs in the comparable week in 2020.

A bipartisan senators’ group working on a $1 trillion infrastructure compromise has more than doubled to 21 members, a key threshold giving momentum to their push as President Joe Biden returns from overseas at a pivotal time for his big legislative priority. Eleven Republicans senators joined the effort. In the evenly split Senate, conservative West Virginia Democrat Joe Manchin, who supports the bipartisan measure, has stressed he wants to pass a package with GOP votes. Biden wants a bigger bill, more like what he proposed in his trimmed-down $1.7 billion American Jobs Plan. Leaving Geneva after Wednesday’s meeting with Russian President Vladimir Putin, Biden said he has not seen the bipartisan bill yet, but his chief of staff believes “there’s some room” for a deal with Republicans.

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

The national average price of gasoline is unchanged at $3.075 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Boeing (BA)

Boeing (BA) 242.27 (-1.73%) is up +13.18% in 2021.

Financial Calendar

8:30 AM ET Jobless Claims

8:30 AM ET Philadelphia Fed Manufacturing Index

10:00 AM ET Leading Indicators

10:30 AM ET EIA Natural Gas Report

11:00 AM ET 3-Month Bill Announcement

11:00 AM ET 6-Month Bill Announcement

11:00 AM ET 2-Yr FRN Note Announcement

11:00 AM ET 2-Yr Note Announcement

11:00 AM ET 5-Yr Note Announcement

11:00 AM ET 7-Yr Note Announcement

11:30 AM ET 4-Week Bill Auction

11:30 AM ET 8-Week Bill Auction

1:00 PM ET 5-Yr TIPS Auction

4:30 PM ET Fed Balance Sheet