DJIA Market Happenings For Wednesday, June 8, 2022 – Microsoft (MSFT) 272.50 Down -18.98% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -176 points.

Tuesday the Dow closed up +264.36 (+0.80%) at 33,180.14.

Year-to-date the Dow is down -8.69%.

There were 25 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by Salesforce (CRM) 187.15 (+2.34%), Chevron (CVX) 180.20 (+1.91%) and Apple (AAPL) 148.71 (+1.76%).

The Dow stock losers Tuesday were led by Walmart (WMT) 123.37 (-1.20%), Walgreens (WBA) 43.00 (-0.90%) and Home Depot (HD) 201.77 (-0.70%).

The 10 YR yield is currently at 3.036% and the VIX closed Tuesday at 24.02 (+4.19%).

The benchmark 10-year Treasury yield has moved above 3% again.

The Atlanta Fed’s GDPNow tracker shows the U.S. economy could be headed for a second consecutive quarter of negative growth, meeting the technical definition of a recession. I think we are already in the recession.

Inflation has been most evident in energy costs, with U.S. oil prices back above $120 per barrel Wednesday morning and the national average for a gallon of gas, according to AAA, just 4 cents away from $5. Treasury Secretary Janet Yellen told senators Tuesday that she expected inflation to remain high. Yellen, a former Fed chair, repeatedly rejected Republican assertions that inflation was being fueled by the Biden administration’s $1.9 trillion Covid spending legislation last year. Yellen is set to address a House panel Wednesday.

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

The national average price of gasoline is up 3.6 cents at $4.955 per gallon.

Earnings Reports

There are no Dow 30 stocks set to report earnings in the near term.

Today’s Featured Dow Stock

Microsoft (MSFT)

Microsoft (MSFT) 272.50 (+1.40%) is down -18.98% 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
10:00 AM ET Wholesale Inventories (MoM)
10:00 AM ET Wholesale Trade Sales (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
12:00 PM ET Thomson Reuters IPSOS PCSI (Jun)

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