The Dow Market Happenings For Wednesday, June 1, 2022

Dow stocks hitting 52-week highs include Chevron (CVX) 174.66 (-2.03%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +218 points.

Tuesday the Dow closed down -222.84 (-0.67%) at 32,990.12.

Year-to-date the Dow is down -9.21%.

There were 9 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by Nike (NKE) 118.85 (+2.47%), Disney (DIS) 110.44 (+1.02%) and JPMorgan (JPM) 132.23 (+0.73%).

The Dow stock losers Tuesday were led by Salesforce (CRM) 160.24 (-2.94%), UnitedHealth (UNH) 496.78 (-2.04%) and Chevron (CVX) 174.66 (-2.03%).

The 10 YR yield is currently at 2.930% and the VIX closed Tuesday at 26.19 (-1.32%).

Oil prices were higher Wednesday, as market participants digest a Wall Street Journal report that some OPEC+ members are considering whether to suspend Russia from the energy alliance’s production deal. Crude futures settled lower Tuesday following the publication of the Journal’s report, giving up gains earlier in the session. On Wednesday, U.S. benchmark West Texas Intermediate crude rose roughly 1.3% to about $116.20 per barrel. Brent crude, the international benchmark, was up by about 1.4% to around $117.20 per barrel. Oil prices have soared this year, as Western sanctions on Russian crude have exacerbated existing concerns about tight supply. Russia’s Energy Ministry and OPEC did not respond to CNBC’s request for comment about the Journal’s report. OPEC and non-OPEC oil producers have a policy meeting scheduled for Thursday.

Salesforce (CRM) shares were up more than 8% in premarket trading the morning after the enterprise software maker reported fiscal first-quarter results that topped analyst estimates. Dow component Salesforce earned an adjusted 98 cents per share on revenue of $7.41 billion. Wall Street had expected per-share earnings of 94 cents on revenue of $7.38 billion, according to Refinitiv. Salesforce’s forward guidance was mixed. Its fiscal second-quarter projections for earnings and sales came in lighter than analysts forecast, as did its lowered full-year revenue outlook. However, Salesforce boosted its full fiscal-year adjusted earnings guidance to between $4.74 and $4.76 per share, better than the EPS of $4.65 analysts expected. Salesforce shares have been clobbered year to date, down about 36% as of Tuesday’s close, as high-multiple tech stocks fell out of favor.

Mortgage demand last week hit its lowest level since December 2018, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to buy a house declined 1% last week compared with the previous week, the MBA said, and volume was down 14% year over year. Home loan refinance applications saw bigger declines, falling 5% for the week. They were 75% lower than the same week in 2021, when mortgage rates hovered around record lows. The MBA’s data Wednesday offers additional insight into the state of the closely watched housing market. Mortgage rates have increased significantly so far this year, adding to affordability challenges given rising home prices. In March, home prices were nearly 21% higher than a year ago, according to the S&P CoreLogic Case-Shiller Home Price Index, which was released Tuesday.

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

The national average price of gasoline is up three-tenths of a cent at $4.622 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) reported earnings on 5/31/2022 after the market close with $0.98, beating estimates of $0.341 per share.

Today’s Featured Dow Stock

JPMorgan (JPM)

JPMorgan (JPM) 132.23 (+0.73%) is down -16.50% in 2022.

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
07:00 AM ET Mortgage Market Index
07:00 AM ET Mortgage Refinance Index
08:55 AM ET Redbook (YoY)
09:45 AM ET Manufacturing PMI (May)
10:00 AM ET Construction Spending (MoM) (Apr)
10:00 AM ET ISM Manufacturing Employment (May)
10:00 AM ET ISM Manufacturing New Orders Index (May)
10:00 AM ET ISM Manufacturing PMI (May)
10:00 AM ET ISM Manufacturing Prices (May)
10:00 AM ET JOLTs Job Openings (Apr)
10:30 AM ET Dallas Fed Services Revenues (May)
10:30 AM ET Texas Services Sector Outlook (May)
11:30 AM ET FOMC Member Williams Speaks
13:00 PM ET FOMC Member Bullard Speaks
14:00 PM ET Beige Book
16:30 PM ET API Weekly Crude Oil Stock

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