The Dow Market Happenings For Wednesday, May 11, 2022 – Salesforce (CRM) Down -36.54% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Boeing (BA) 129.39 (-2.68%), Salesforce (CRM) 161.27 (-3.52%), Cisco (CSCO) 48.65 (-1.82%), Disney (DIS) 105.21 (-2.29%), Home Depot (HD) 282.96 (-2.82%), Intel (INTC) 42.83 (-2.68%) and Nike (NKE) 107.92 (-1.43%).

The Market

Premarket today, the Dow was indicated to open down -129 points.

Wednesday the Dow closed down -326.63 (-1.02%) at 31,834.11.

Year-to-date the Dow is down -11.50%.

There were 8 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Visa (V) 196.72 (+1.62%), Merck (MRK) 89.19 (+1.57%) and Dow (DOW) 66.79 (+1.49%).

The Dow stock losers Wednesday were led by Apple (AAPL) 146.50 (-5.18%), Salesforce (CRM) 161.27 (-3.52%) and Microsoft (MSFT) 260.55 (-3.32%).

The 10 YR yield is currently at 2.844%.

The Producer Price Index for final demand increased 0.5 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This rise followed advances of 1.6 percent in March and 1.1 percent in February. On an unadjusted basis, final demand prices moved up 11.0 percent for the 12 months ended in April. The core rate was 1.0 percent. Economists had expected a 0.5% April headline increase and a 0.6% advance in the core rate, which excludes food and energy prices.

Unemployment insurance weekly claims in the week ending May 7, the advance figure for seasonally adjusted initial claims was 203,000, an increase of 1,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 200,000 to 202,000. The 4-week moving average was 192,750, an increase of 4,250 from the previous week’s revised average. The previous week’s average was revised up by 500 from 188,000 to 188,500.

Shares of Disney (DIS)initially rose in after-hours trading Wednesday. But they quickly turned lower after the company’s CFO acknowledged that the second half of the year may not be quite as strong relative to the first half when it comes to streaming. Disney+ ended its fiscal second quarter with 137.7 million subscribers, up 7.9 million from a year ago and better than estimates. Investors were keen to see those Disney+ numbers after Netflix last month reported a decline in paid subscribers for the first time in more than 10 years. Disney’s fiscal second-quarter revenue rose 23% to $19.25 billion, helped by strong theme park sales. Revenue would have been $1 billion higher, if not for the early termination of some licensing agreements to make more content available for streaming. Disney reported adjusted earnings of $1.08 per share.

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

The national average price of gasoline is up 1.4 cents at $4.418 per gallon.

Earnings Reports

Disney (DIS) reported earnings on 5/11/2022 after the market close with $1.08, missing estimates of $1.196 per share.

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

Salesforce (CRM)

Salesforce (CRM) (-3.52%) is down -36.54% in 2022. Salesforce is down -48.27% from it’s November 9, 2021 high of 311.75.

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 255.4
07:00 AM ET Mortgage Market Index
07:00 AM ET Mortgage Refinance Index
08:30 AM ET Core CPI (MoM) (Apr)
08:30 AM ET Core CPI (YoY) (Apr)
08:30 AM ET Core CPI Index (Apr)
08:30 AM ET CPI (MoM) (Apr)
08:30 AM ET CPI (YoY) (Apr)
08:30 AM ET CPI Index, n.s.a. (Apr)
08:30 AM ET CPI Index, s.a (Apr)
08:30 AM ET CPI, n.s.a (MoM) (Apr)
08:30 AM ET Real Earnings (MoM) (Apr)
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
11:00 AM ET Cleveland CPI (MoM) (Apr)
11:30 AM ET Thomson Reuters IPSOS PCSI (May)
12:00 PM ET FOMC Member Bostic Speaks
13:01 PM ET 10-Year Note Auction 2.943%
14:00 PM ET Federal Budget Balance (Apr)

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