Dow stocks hitting 52-week highs include Chevron (CVX) 175.41 (+1.60%). Dow stock 52-week lows include Nike (NKE) 108.20 (+0.85%).

The Market

Premarket today, the Dow was indicated to open up +203 points.

Wednesday the Dow closed up +191.66 (+0.60%) at 32,120.28.

Year-to-date the Dow is down -11.61%.

There were 24 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by American Express (AXP) 160.51 (+3.14%), Boeing (BA) 122.06 (+2.23%) and Home Depot (HD) 293.57 (+1.96%).

The Dow stock losers Wednesday were led by Procter & Gamble (PG) 145.21 (-1.64%), Johnson & Johnson (JNJ) 179.62 (-0.98%) and Merck (MRK) 93.75 (-0.94%).

The 10 YR yield is currently at 2.750% and the VIX closed Wednesday at 28.37 (-3.67%).

The yield on the benchmark 10-year Treasury is around 2.750% on Thursday morning. Yields move opposite of prices. A basis point equals 0.01%. The muted move in Treasury yields comes after Wednesday’s release of the Federal Reserve’s May meeting minutes.

Apple (AAPL) plans to raise pay for both retail and corporate workers later this year, the iPhone maker said late Wednesday. Other technology giants such as Microsoft and Google parent Alphabet have adjusted compensation structures recently, as companies compete to retain talent in a historically tight U.S. labor market. Workers also are forced to face the hottest inflation in the U.S. since the early 1980s. As part of its Wednesday announcement, Apple said its starting wage for U.S. retail employees will become $22 an hour, up from $20; the starting pay at stores in some areas will be higher than that. The hike in retail wages comes as workers at some Apple stores across the country have embarked on unionization efforts.

Unemployment insurance weekly claims in the week ending May 21, the advance figure for seasonally adjusted initial claims was 210,000, a decrease of 8,000 from the previous week’s unrevised level of 218,000. The 4-week moving average was 206,750, an increase of 7,250 from the previous week’s unrevised average of 199,500. The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending May 14, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 14 was 1,346,000, an increase of 31,000 from the previous week’s revised level. The previous week’s level was revised down by 2,000 from 1,317,000 to 1,315,000. The 4-week moving average was 1,347,500, a decrease of 14,250 from the previous week’s revised average. This is the lowest level for this average since January 17, 1970 when it was 1,340,000. The previous week’s average was revised down by 500 from 1,362,250 to 1,361,750. The total number of continued weeks claimed for benefits in all programs for the week ending May 7 was 1,317,178, a decrease of 54,282 from the previous week. There were 15,797,261 weekly claims filed for benefits in all programs in the comparable week in 2021.

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

The national average price of gasoline is up one-tenth of a cent at $4.600 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

IBM (IBM)

IBM (IBM) 134.39 (+0.44%) is up +0.55% in 2022.

Financial Calendar

08:30 AM ET Continuing Jobless Claims
08:30 AM ET Core PCE Prices (Q1)
08:30 AM ET Corporate Profits (QoQ) (Q1)
08:30 AM ET GDP (QoQ) (Q1)
08:30 AM ET GDP Price Index (QoQ) (Q1)
08:30 AM ET GDP Sales (Q1)
08:30 AM ET Initial Jobless Claims
08:30 AM ET Jobless Claims 4-Week Avg
08:30 AM ET PCE Prices (Q1)
08:30 AM ET Real Consumer Spending (Q1)
10:00 AM ET Pending Home Sales (MoM) (Apr)
10:00 AM ET Pending Home Sales Index (Apr)
10:30 AM ET Natural Gas Storage
11:00 AM ET KC Fed Composite Index (May)
11:00 AM ET KC Fed Manufacturing Index (May)
11:30 AM ET 4-Week Bill Auction
11:30 AM ET 8-Week Bill Auction
13:00 PM ET 7-Year Note Auction