There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include American Express (AXP) 144.60 (-1.16%), Boeing (BA) 122.16 (+5.44%), Disney (DIS) 94.22 (-1.56%), Home Depot (HD) 278.67 (-1.59%), Intel (INTC) 37.93 (+0.42%), JPMorgan (JPM) 114.06 (-1.66%), 3M (MMM) 135.25 (-0.82%) and Microsoft (MSFT) 244.49 (+0.92%).
Premarket today, the Dow was indicated to open up +208 points.
Tuesday the Dow closed down -151.91 (-0.50%) at 30,364.83.
Year-to-date the Dow is down -16.44%.
There were 10 Dow stocks up Tuesday.
The Dow stock winners Tuesday were led by Boeing (BA) 122.16 (+5.44%), Microsoft (MSFT) 244.49 (+0.92%) and Apple (AAPL) 132.76 (+0.67%).
The Dow stock losers Tuesday were led by Coca Cola (KO) 59.23 (-3.44%), Procter & Gamble (PG) 133.84 (-3.12%) and UnitedHealth (UNH) 461.75 (-1.69%).
The 10 YR yield is currently at 3.390% and the VIX closed Tuesday at 32.69 (-3.91%).
Fed policymakers are considering a 75 basis point interest rate increase as they conclude their two-day June meeting today. That’s what the markets now expect after everyone until this week was pretty much counting on another 50 basis point hike. The rate decision is scheduled for 2 p.m. ET, with Fed Chairman Jerome Powell’s usual post-meeting news conference 30 minutes later.
Total mortgage application volume has fallen to half of what it was last year. Sharply rising interest rates are decimating refinance volume. Last week, the average 30-year fixed-rate mortgage increased to 5.65%. And now this week, the 30-year mortgage hit 6.28% on Tuesday. After reaching record lows around 2.7% in late 2020, rates started 2022 at 3.29%.
President Joe Biden today called on U.S. oil refining companies to produce more of their products, saying they need to help alleviate the burden of high prices on consumers. “At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil companies including Exxon and Chevron. Biden is calling for “immediate actions to increase the supply of gasoline, diesel, and other refined product.” The president’s letter comes as sky-high energy costs add to inflationary concerns across the economy, with average gas prices nationally topping $5 per gallon.
U.S. futures are mostly higher, European stocks are higher and Asian markets ended mostly lower.
The national average price of gasoline is down two-tenths of a cent at $5.014 per gallon.
Nike (NKE) reports earnings on 6/27/22 after the market close.
Today’s Featured Dow Stock
UnitedHealth (UNH) 469.70 (-3.08%) is down -8.04% in 2022.
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