The Dow Market Happenings For June 22, 2022 – Walmart (WMT) 122.17 Down -15.56% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Home Depot (HD) 269.20 (-0.57%).

The Market

Premarket today, the Dow was indicated to open down -425 points.

Tuesday the Dow closed up +641.47 (+2.15%) at 30,530.25.

Year-to-date the Dow is down -15.98%.

There were 27 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by UnitedHealth (UNH) 480.32 (+6.25%), Chevron (CVX) 154.59 (+4.19%) and Merck (MRK) 88.03 (+4.03%).

The Dow stock losers Friday were Disney (DIS) 93.29 (-1.11%), Home Depot (HD) 269.20 (-0.57%) and Boeing (BA) 136.75 (-0.04%).

The 10 YR yield is currently at 3.168% and the VIX is at 31.06 (+2.88%).

Jerome Powell is set to deliver the Fed’s twice-yearly monetary policy report to the Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday. The Fed chief will give prepared remarks and face questions from lawmakers. Soaring inflation and whether the central bank is doing enough to stop it will no doubt be a major focus of the hearings. In a preview last week, the Fed said that fighting inflation is “unconditional.” The Fed raised rates 75 basis points at its June meeting and forecast a hike of a similar magnitude at its next meeting in July.

Oil prices have dropped 4% to around $105 per barrel on Wednesday, hours before President Joe Biden’s expected afternoon announcement calling for a temporary suspension of the federal gasoline tax of 18.4 cents per gallon. However, a gas tax holiday faces significant opposition in Congress, including among many Democrats. Gas prices remain near $5 per gallon nationally heading into the thick of the summer driving season. Biden has pulled numerous levers to try to lower prices, including a record release of barrels from U.S. strategic reserves, production waivers, and pressuring OPEC countries and U.S. energy companies to boost output.

Traders rotated into bonds Wednesday, pushing the 10-year Treasury price higher and its yield down to around 3.2%. Bond prices and yields move in opposite directions. Last week’s jump in yields to 11-year highs after the Fed’s biggest interest rate hike since 1994 stoked demand for adjustable-rate mortgages. Those home loans are considered riskier because they generally offer lower fixed rates for five, seven or 10 years and then adjust to whatever the future current rates are, which can be higher. Mortgage applications to purchase a home rose 8% last week, though they were 10% lower than they were during the same week last year. Refinance demand fell 3% last week, and it was 77% lower than the same week one year ago.

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

The national average price of gasoline is down 1.3 cents at $4.955 per gallon.

Earnings Reports

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

Walgreens (WBA) reports earnings on 6/30/22 before the market open.

Today’s Featured Dow Stock

Walmart (WMT)

Walmart (WMT) 122.17 (+3.28%) is down -15.56% 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)
09:30 AM ET Fed Chair Powell Testifies
11:30 AM ET 2-Year Note Auction
11:30 AM ET FOMC Member Harker Speaks
13:00 PM ET 20-Year Bond Auction
13:30 PM ET FOMC Member Barkin Speaks
16:30 PM ET API Weekly Crude Oil Stock

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