Dow stocks hitting 52-week highs include Chevron (CVX) and Travelers (TRV). Dow stock 52-week lows include 3M (MMM).

The Market

Premarket today, the Dow was indicated to open up +304 points.

Tuesday the Dow closed down -66.77 (-0.19%) at 34,297.73.

Year-to-date the Dow is down -5.62%.

There were 9 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by American Express (AXP) 173.11 (+8.92%), IBM (IBM) 136.10 (+5.65%) and Chevron (CVX) 132.59 (+4.25%).

The Dow stock losers Tuesday were led by Salesforce (CRM) 215.39 (-3.43%), Microsoft (MSFT) 288.49 (-2.66%) and Walgreens (WBA) 50.99 (-2.65%).

Dow futures are up +1% this morning as we wait to hear from the Federal Reserve in the afternoon about its tightening plans after its two-day January meeting. The central bank releases its policy statement at 11 am PDT (2 pm ET). Fed officials are expected to say they’re ready to increase interest rates from near zero as soon as March after bond-purchase tapering ends. Four hikes are seen this year.

The 30-year Treasury yield dipped to around 1.78% early Wednesday. Last week, the benchmark yield topped 1.9% to highs back to January 2020.

Microsoft (MSFT) is up +4% premarket on strong earnings yesterday after the close. Microsoft’s second-quarter earnings and revenue beat estimates. Microsoft also gave an upbeat forecast for the current quarter, as cloud services revenue continues to post strong growth. The gaming component of Microsoft became more relevant to investors this month, when the company announced plans to acquire Call of Duty maker Activision Blizzard for $68.7 billion. The largest deal in Microsoft’s 46-year history is expected to close in fiscal 2023.

Boeing (BA) took a $3.5 billion pretax charge on its 787 Dreamliners after production issues prevented the company from delivering the planes to airlines for most of the last 15 months. Before the bell, Boeing also said it generated positive cash flow in the fourth quarter, hitting that milestone earlier than forecast. It was driven by a jump in 737 Max deliveries last year after regulators lifted bans on the jets after two fatal crashes. Boeing added more than 2% in the premarket on a much wider-than-expected Q4 loss and missed on revenue.

President Joe Biden will meet in person Wednesday with the CEOs of 10 major corporations to discuss the potential benefits to business of his Build Back Better Act, the social safety net bill that passed the House last year but stalled in the Senate. Among the CEOs expected to attend are General Motors’ Mary Barra, Ford’s Jim Farley, Salesforce’s Marc Benioff and HP’s Enrique Lores.

U.S. futures are higher, European stocks are higher and Asian markets ended mostly higher.

The national average price of gasoline is up seven-tenths of a cent at $3.342 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 12/20/2021 after the market close with $0.83, beating estimates of $0.626 per share.

Walgreens (WBA) reported earnings on 1/6/2021 before the market open with $1.68, beating estimates of $1.354 per share.

JPMorgan (JPM) reported earnings on 1/14/2022 before the market open with $3.33, beating estimates of $2.978 per share.

Goldman Sachs (GS) reported earnings on 1/18/2022 before the market open with $10.81, missing estimates of $11.76 per share.

Procter & Gamble (PG) reported earnings on 1/19/2022 before the market open with $1.66, beating estimates of $1.649 per share.

UnitedHealth (UNH) reported earnings on 1/19/2022 before the market open with $4.48, beating estimates of $4.296 per share.

Travelers (TRV) reported earnings on 1/20/2022 before the market open with $5.20, beating estimates of $3.861 per share.

IBM (IBM) reports earnings on 1/24/2022 after the market close with $3.35, missing estimates of $3.385 per share.

3M (MMM) reported earnings on 1/25/2022 before the market open with $2.31, beating estimates of $2.028 per share.

American Express (AXP) reported earnings on 1/25/2022 before the market open with $2.18, beating estimates of $1.778 per share.

Johnson & Johnson (JNJ) reported earnings on 1/25/2022 before the market open with $2.13, beating estimates of $2.123 per share.

Verizon (VZ) reported earnings on 1/25/2022 before the market open with $1.31, beating estimates of $1.282 per share.

Microsoft (MSFT) reported earnings on 1/25/2022 after the market close with $2.48, beating estimates of $2.288 per share.

Boeing (BA) reported earnings on 1/26/2022 before the market open with -$7.69, missing estimates of -$0.09 per share.

Intel (INTC) reports earnings on 1/26/2022 after the market close.

Dow (DOW) reports earnings on 1/27/2022 before the market open.

McDonald’s (MCD) reports earnings on 1/27/2022 before the market open.

Apple (AAPL) reports earnings on 1/27/2022 after the market close.

Visa (V) reports earnings on 1/27/2022 after the market close.

Caterpillar (CAT) reports earnings on 1/28/2022 before the market open.

Chevron (CVX) reports earnings on 1/28/2022 before the market open.

Honeywell (HON) reports earnings on 2/3/2022 before the market open.

Merck (MRK) reports earnings on 2/3/2022 before the market open.

Amgen (AMGN) reports earnings on 2/7/2022 after the market close.

Today’s Featured Dow Stock

Procter & Gamble (PG)

Travelers (TRV) 168.60 (-0.14%) is up +7.78% in 2022.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate
07:00 AM ET MBA Mortgage Applications (WoW)
07:00 AM ET MBA Purchase Index
07:00 AM ET Mortgage Market Index
07:00 AM ET Mortgage Refinance Index
08:30 AM ET Goods Trade Balance (Dec)
08:30 AM ET Retail Inventories Ex Auto (Dec)
08:30 AM ET Wholesale Inventories (MoM)
08:30 AM ET Wholesale Sales (MoM) (Nov)
10:00 AM ET New Home Sales (MoM) (Dec)
10:00 AM ET New Home Sales (Dec)
10:30 AM ET Crude Oil Inventories
10:30 AM ET EIA Refinery Crude Runs (WoW)
10:30 AM ET Crude Oil Imports
10:30 AM ET Cushing Crude Oil Inventories
10:30 AM ET Distillate Fuel Production
10:30 AM ET EIA Weekly Distillates Stocks
10:30 AM ET Gasoline Production
10:30 AM ET Heating Oil Stockpiles
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW)
10:30 AM ET Gasoline Inventories
14:00 PM ET FOMC Statement
14:00 PM ET Fed Interest Rate Decision
14:30 PM ET FOMC Press Conference