DJIA Market Happenings For Tuesday, June 14, 2022

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include American Express (AXP) 146.29 (-5.26%), Boeing (BA) 115.86 (-8.77%), Disney (DIS) 95.71 (-3.71%), Goldman Sachs (GS) 283.32 (-1.29%), Intel (INTC) 37.77 (-3.60%), 3M (MMM) 136.37 (-0.93%) and Microsoft (MSFT) 242.26 (-4.24%).

The Market

Premarket today, the Dow was indicated to open up +70 points.

Monday the Dow closed down -876.05 (-2.79%) at 30,516.74.

Year-to-date the Dow is down -16.02%.

There was 1 Dow stock up Monday.

The Dow stock winner Monday was McDonald’s (MCD) 238.47 (+0.46%).

The Dow stock losers Monday were led by Boeing (BA) 115.86 (-8.77%), Salesforce (CRM) 166.03 (-6.96%), American Express (AXP) 146.29 (-5.26%), Dow (DOW) 58.68 (-5.16%) and Chevron (CVX) 167.33 (-4.60%)

The 10 YR yield is currently at 3.360% and the VIX is at 32.59 (-4.20%).

In the last three trading days the Dow has lost -2,471.97 points of -7.51%, the Russell 2000 has lost -9.81% and the S&P 500 has lost -9.72%. SO where are we going from here? We don’t get the Fed announcement until tomorrow at 11:00 am PT.

The 10-year Treasury yield on Tuesday backed off 2011 highs, trading around 3.3%, after the government’s May producer price index rose 10.8% year over year, a slightly smaller rise than expected. The PPI is the other side of the inflation coin at the wholesale level, after last week’s hotter-than-expected consumer price index. The PPI remained near its historic year-over-year high of up 11.5% in March.

The markets expect the Fed to hike rates by 0.75% at the end of its two-day June policy meeting Wednesday. Only the magnitude of the rate increase is in question, as Fed Chairman Jerome Powell has repeatedly said that 0.5% rises in June and July looked appropriate. Markets are concerned the Fed is going to have to clamp down much harder on the economy to fight inflation and that it might lead to a recession.

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

The national average price of gasoline is up two-tenths of a cent at $5.016 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Procter & Gamble (PG)

UnitedHealth (UNH) 469.70 (-3.08%) is down -6.46% in 2022.

Financial Calendar

06:00 AM ET NFIB Small Business Optimism (May)
07:00 AM ET OPEC Monthly Report
08:30 AM ET Core PPI (MoM) (May)
08:30 AM ET Core PPI (YoY) (May)
08:30 AM ET PPI (YoY) (May)
08:30 AM ET PPI (MoM) (May)
08:55 AM ET Redbook (YoY)
11:30 AM ET 52-Week Bill Auction
16:30 PM ET API Weekly Crude Oil Stock

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