DJIA Market Happenings For Wednesday, June 29, 2022 – Caterpillar (CAT) 187.44 Down -9.34% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Nike (NKE) 102.78 (-6.99%).

The Market

Premarket today, the Dow was indicated to open up +95 points.

Tuesday the Dow closed down -491.27 (-1.56%) at 30,946.99.

Year-to-date the Dow is down -14.84%.

There were 3 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by UnitedHealth (UNH) 505.66 (+2.02%), Chevron (CVX) 147.57 (+1.93%) and Merck (MRK) 94.41 (+1.37%).

The Dow stock losers Tuesday were led by (Salesforce (CRM) 181.31 (-2.48%), Nike (NKE) 110.50 (-2.13%) and Boeing (BA) 138.72 (-1.99%).

The 10 YR yield is currently at 3.178% and the VIX is at 28.36 (+5.23%).

Federal Reserve Bank of Cleveland President Loretta Mester, a voting member of the Fed’s policy-setting panel, said she may push for a bigger rate hike next month. “If conditions were exactly the way they were today going into that meeting — if the meeting were today — I would be advocating for 75, because I haven’t seen the kind of numbers on the inflation side that I need to see in order to think that we can go back to a 50 increase,” she said in an interview with CNBC’s Annette Weisbach. Investors will also be paying attention to comments Wednesday from Fed Chairman Jerome Powell, who is speaking at a European Central Bank forum.

Disney (DIS) CEO Bob Chapek will be sticking around for at least a little bit longer as he pursues his goal of broad subscriber growth for Disney+. His contract was set to expire in February next year, but the board unanimously voted to extend his deal. Chapek has faced his fair share of controversy and tumult during his relatively short time in the top job. He faced criticism for his response to Florida’s so-called “Don’t Say Gay” law, and the company’s share price is down 38% so far this year. Chapek also had a tough act to follow, having taken the reins from popular longtime CEO Bob Iger, who oversaw Disney’s acquisitions of the Pixar, Marvel and Star Wars brands.

Tight Covid restrictions and lockdowns in China took a toll on the nation’s economic growth during the second quarter, according to a new report. Various sectors suffered a slowdown, including transportation and services, according to the U.S.-based China Beige Book, which says it conducted more than 4,300 interviews in China during the three-month period. Hiring slowed down, as well, according to the study, and likely won’t pick up again until the Chinese government provides more stimulus this fall.

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

The national average price of gasoline is down 1.3 cents at $4.868 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 6/27/22 after the market close with $0.90, beating estimates of $0.812 per share.

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

Today’s Featured Dow Stock

Caterpillar (CAT)

Caterpillar (CAT) 187.44 (-0.08%) is down -9.34% in 2022.

Financial Calendar

06:30 AM ET FOMC Member Mester Speaks
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
08:30 AM ET Core PCE Prices (Q1)
08:30 AM ET Corporate Profits (QoQ) (Q1)
08:30 AM ET GDP (QoQ) (Q1)
08:30 AM ET GDP Price Index (QoQ) (Q1)
08:30 AM ET GDP Sales (Q1)
08:30 AM ET PCE Prices (Q1)
08:30 AM ET Real Consumer Spending (Q1)
09:00 AM ET Fed Chair Powell Speaks
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 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)
13:05 PM ET FOMC Member Bullard Speaks

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