There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Cisco (CSCO) 41.72 (-13.73%), Intel (INTC) 42.01 (-0.80%), Walgreens (WBA) 40.61 (-1.36%) and Walmart (WMT) 119.07 (-2.74%).

The Market

Premarket today, the Dow was indicated to open up +225 points.

Thursday the Dow closed down -236.94 (-0.75%) at 31,253.13.

Year-to-date the Dow is down -13.99% (that’s -5,085.17 points in 2022).

There were 6 Dow stocks up Thursday.

The Dow stock winners Thursday were led by UnitedHealth (UNH) 478.55 (+1.52%), Boeing (BA) 127.14 (+1.29%) and Home Depot (HD) 287.76 (+0.90%).

The Dow stock losers Thursday were led by Cisco (CSCO) 41.72 (-13.73%), Travelers (TRV) 169.30 (-2.88%) and Walmart (WMT) 1119.07 (-2.74%).

The 10 YR yield is currently at 2.860% and the VIX closed Thursday at 29.35 (-5.20%).

Bond prices, which move inversely to yields, fell Friday as stocks rebounded in the premarket. The 10-year Treasury yield was trading around 2.9%. That’s just under the key 3% level that’s been breached on and off for weeks as traders push yields higher on the belief that the Federal Reserve will have to hike interest rates more aggressively to get inflation under control.

China is going the other way with borrowing costs, cutting its benchmark reference rate for mortgages by an unexpectedly wide margin Friday. That’s the second reduction this year in this key rate as Beijing seeks to revive the country’s ailing housing sector to prop up the world’s second-largest economy. Senior Chinese officials have pledged further measures to fight a slowdown in economic growth due to lockdowns and other restrictive measures under that country’s zero Covid policy. Many private sector economists expect China’s economy to shrink this quarter from a year earlier, compared with first quarter’s 4.8% growth.

The Centers for Disease Control and Prevention is recommending a Pfizer Covid booster shot for kids 5 to 11 at least five months after their primary vaccination series. The CDC’s move Thursday comes as Covid infections are on the rise across the country and immunity from the first two doses wanes. The agency is rolling out boosters for 5- to 11-year-olds even though most children in that age group haven’t received their first two doses yet. Only 29% of that cohort is fully vaccinated. CDC Director Dr. Rochelle Walensky, in a statement Thursday, sought to reassure parents that the shots are safe and encouraged them to get their kids vaccinated.

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

The national average price of gasoline is up four-tenths of a cent at $4.593 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) reported earnings on 5/17/2022 before the market open with $4.09, beating estimates of $3.659 per share.

Walmart (WMT) reported earnings on 5/17/2022 before the market open with $1.30, missing estimates of $1.462 per share.

Cisco (CSCO) reported earnings on 5/18/2022 after the market close with $0.87, beating estimates of $0.77 per share.

Salesforce (CRM) reports earnings on 5/31/2022 after the market close.

Today’s Featured Dow Stock

Dow (DOW)

Dow (DOW) 68.76 (-0.22%) is up +21.23% in 2022.

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