DJIA Market Happenings For Monday, May 9, 2022 – American Express (AXP) 167.15 Up +2.17% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Salesforce (CRM) 169.70 (-1.51%), Cisco (CSCO) 49.33 (-0.56%), Disney (DIS) 110.29 (-2.06%), Home Depot (HD) 294.31 (-3.49%) and Nike (NKE) 114.49 (-3.49%).

The Market

Premarket today, the Dow was indicated to open down -393 points.

Friday the Dow closed down -98.60 (-0.30%) at 32,899.37.

Year-to-date the Dow is down -9.46%.

There were 12 Dow stocks up Friday.

The Dow stock winners Friday were led by Chevron (CVX) 170.69 (+2.66%), IBM (IBM) 137.67 (+1.29%) and Procter & Gamble (PG) 156.00 (+1.00%).

The Dow stock losers Thursday were led by Nike (NKE) 114.49 (-3.49%), American Express (AXP) 167.15 (-2.26%) and Walmart (WMT) 149.56 (-2.08%).

The 10 YR yield is currently at 3.143%.

Rising bond yields continue to pressure stocks as traders maintained their revolt against the Federal Reserve, doubting it can get inflation under control. Two key inflation reports are out Wednesday and Thursday. Futures trading point to a 400-point, or 1.3%, fall at the open for the Dow Jones Industrial Average

The benchmark 10-year Treasury yield on Monday topped 3.18%, after going above 3% last week for the first time since late 2018. After the central bank increased interest rates, as expected, by 50 basis points on Wednesday, Chairman Jerome Powell took a more aggressive 75 basis point hike off the table for upcoming meetings. He also said he expects 50 basis point rate increases at the Fed’s June and July meetings. Last Wednesday’s relief rally in stocks, accompanied by a dip in bond yields, was short-lived. Thursday’s whipsaw wiped out and then some the prior session’s stock advance as bond yields soared.

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

The national average price of gasoline is up 1.1 cents at $4.328 per gallon.

Earnings Reports

Disney (DIS) reports earnings on 5/11/2022 after the market close.

Home Depot (HD) reports earnings on 5/17/2022 before the market open.

Walmart (WMT) reports earnings on 5/17/2022 before the market open.

Cisco (CSCO) reports earnings on 5/18/2022 after the market close.

Today’s Featured Dow Stock

American Express (AXP)

American Express (AXP) 167.15 (-2.26%) is up +2.17% in 2022.

Financial Calendar

08:45 AM ET FOMC Member Bostic Speaks
10:00 AM ET CB Employment Trends Index (Apr)
10:00 AM ET Wholesale Trade Sales (MoM) (Mar)
11:30 AM ET 3-Month Bill Auction
11:30 AM ET 6-Month Bill Auction
14:00 PM ET Loan Officer Survey

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