DJIA Market Happenings For Thursday, June 16, 2022 – Visa (V) 196.16 Down -9.48% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Home Depot (HD) 279.73 (+0.33%), JPMorgan (JPM) 115.41 (+1.18%), 3M (MMM) 134.33 (-0.68%) and Procter & Gamble (PG) 132.51 (-0.99%).

The Market

Premarket today, the Dow was indicated to open up +208 points.

Wednesday the Dow closed up +303.70 (+1.00%) at 30,668.53.

Year-to-date the Dow is down -15.60%.

There were 21 Dow stocks up Wednesday.

The Dow stock winners Wednesday were led by Boeing (BA) 133.72 (+9.46%), Microsoft (MSFT) 251.76 (+2.97%) and Goldman Sachs (GS) 290.07 (+2.67%).

The Dow stock losers Wednesday were led by Dow (DOW) 57.41 (-1.96%), Chevron (CVX) 164.26 (-1.96%) and Procter & Gamble (PG) 132.51 (-0.99%).

The 10 YR yield is currently at 3.425% and the VIX is currently at 31.70 (+7.02%).

Three economic reports were released Thursday morning at 8:30 a.m. ET, covering a wide swath of the U.S. economy from the labor market to housing to manufacturing. Initial jobless claims dropped to 229,000 for the week ended June 11, slightly more claims than expected. May housing starts and building permits plunged 14.4% and 7%, respectively, much bigger declines than economists had expected. The Philadelphia Fed’s manufacturing index came in at a minus 3.3 for June. Estimates had called for a positive 4.8 reading. Thursday’s economic snapshot follows a series of reports this week and last week showing that inflation remains persistently hot and consumers are slowing down their spending as a result.

Fed Chairman Jerome Powell said at his post-meeting news conference that “either a 50 basis point or a 75 basis point” rate increase at July’s policy meeting seems most likely. Wednesday’s 75 basis point move was the biggest hike since 1994. Central bankers moved more aggressively at this week’s meeting than Powell’s telegraphed 50 basis point rise, stepping up their fight against climbing prices. Sinking risk assets reflect investor concern that the Fed won’t be able to arrest roaring inflation without tipping the economy into a recession. According to the “dot plot” of policymakers’ expectations, the Fed’s benchmark fed funds rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate.

Bitcoin dropped below $20,000 overnight, before trimming some of those losses, as the entire cryptocurrency market endured another day of selling. Bitcoin was trading at levels not seen since December 2020, down about 27% in the last week and down nearly 70% from its November all-time high above $68,000.

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

The national average price of gasoline is down five-tenths of a cent at $5.009 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 6/27/22 after the market close.

Today’s Featured Dow Stock

Visa (V)

Visa (V) 196.16 (+1.36%) is down -9.48% in 2022.

Financial Calendar

08:30 AM ET Building Permits (MoM) (May)
08:30 AM ET Building Permits (May)
08:30 AM ET Continuing Jobless Claims
08:30 AM ET Housing Starts (May)
08:30 AM ET Housing Starts (MoM) (May)
08:30 AM ET Initial Jobless Claims
08:30 AM ET Jobless Claims 4-Week Avg
08:30 AM ET Philadelphia Fed Manufacturing Index (Jun)
08:30 AM ET Philly Fed Business Conditions (Jun)
08:30 AM ET Philly Fed CAPEX Index (Jun)
08:30 AM ET Philly Fed Employment (Jun)
08:30 AM ET Philly Fed New Orders (Jun)
08:30 AM ET Philly Fed Prices Paid (Jun)
10:30 AM ET Natural Gas Storage
11:30 AM ET 4-Week Bill Auction
11:30 AM ET 8-Week Bill Auction

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