DJIA Market Happenings For Monday, May 23, 2022 – Goldman Sachs (GS) 306.80 Down -19.80% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include American Express (AXP) 153.24 (-0.49%), Boeing (BA) 120.79 (-5.07%), Salesforce (CRM) 19.65 (+2.60%), Home Depot (HD) 287.19 (-0.20%), Intel (INTC) 41.65 (-0.86%), JPMorgan (JPM) 117.34 (-0.82%), Walgreens (WBA) 40.96 (+0.86%) and Walmart (WMT) 119.20 (+0.11%).

The Market

Premarket today, the Dow was indicated to open up +321 points.

Friday the Dow closed up +8.77 (+0.03%) at 31,261.90.

Year-to-date the Dow is down -13.97%.

There were 16 Dow stocks up Friday.

The Dow stock winners Friday were led by Cisco (CCO) 42.94 (+2.92%), Salesforce (CRM) 159.65 (+2.60%) and McDonald’s (MCD) 233.91 (+2.14%).

The Dow stock losers Friday were led by Boeing (BA) 120.70 (-5.07%), Caterpillar (CAT) 197.82 (-4.32%) and 3M (MMM) 143.83 (-2.13%).

The 10 YR yield is currently at 2.845% and the VIX closed Friday at 29.43 (+0.27%).

Dow futures are up Monday after the 30-stock average logged its first eight-week losing streak since 1923.

Bond prices went lower and yields moved higher Monday as stocks made gains in the premarket. The 10-year Treasury yield was trading around 2.8%, under the key psychological level of 3%, which was breached for the first time since late 2018 earlier this month. It’s been back and forth above and below that mark for weeks on concern the Federal Reserve’s gradual approach to slow down the economy with interest rate hikes and balance sheet run-offs won’t be enough to get inflation under control.

The Fed will release on Wednesday the minutes from its latest policy meeting earlier this month, which resulted in a 50 basis point rise in rates, double the increase seen in March. The market expects rate hikes at all of the remaining Fed meetings this year.

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

The national average price of gasoline is up three-tenths of a cent at $4.596 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

Goldman Sachs (GS)

Goldman Sachs (GS) 306.80 (-0.45%) is down -19.80% in 2022.

Financial Calendar

08:30 AM ET Chicago Fed National Activity (Apr)
11:30 AM ET 3-Month Bill Auction
11:30 AM ET 6-Month Bill Auction
19:00 PM ET FOMC Member George Speaks

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