There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include American Express (AXP) 138.62 (-0.24%), Honeywell (HON) 173.81 (+0.35%), JPMorgan (JPM) 112.61 (-2.33%), 3M (MMM) 129.41 (-0.28%), Nike (NKE) 102.20 (-1.02%) and Walgreens (WBA) 37.90 (-7.27%).

The Market

Premarket today, the Dow was indicated to open down -84 points.

Thursday the Dow closed down 253.88 (-0.82%) at 30,775.43.

Year-to-date the Dow is down -15.31%.

There were 8 Dow stocks up Thursday.

The Dow stock winners Thursday were led by Travelers (TRV) 169.13 (+2.01%), Procter & Gamble (PG) 143.79 (+1.12%) and Honeywell (HON) 173.81 (+0.35%).

The Dow stock losers Thursday were led by Walgreens (WBA) 37.90 (-7.27%), Salesforce (CRM) 165.04 (-3.26%) and Caterpillar (CAT) 178.76 (-2.57%).

The 10 YR yield is currently at 3.040% and the VIX is at 28.71 (+1.95%).

Markets are looking to rebound following the worst first half for stocks in 52 years. But inflation, the major culprit behind that weak performance in equities markets and other sectors, didn’t appear to be abating at any meaningful rate. Indeed, futures were down Friday morning, ahead of the long weekend, as investors gird for a potentially rocky earnings season. U.S. stock markets will be closed Monday for the Fourth of July.

U.S. 10-year Treasury yields fell to a near one-month low in early morning trading Friday, before recovering somewhat. Investors are weighing the potential for a recession. Bond traders will chew over more economic data Friday morning, with ISM manufacturing data and light vehicle sales for June, along with construction spending for May, set to be released at 10 a.m. ET.

Surging prices are taking their toll on other major economies as well. The European Central Bank on Friday said year-over-year inflation rose 8.6% in June. The ECB is expected to raise rates for the first time in 11 years later this month, and is projected to follow through with another increase in September. Earlier this week, ECB President Christine Lagarde said the central bank would move even faster if inflation didn’t improve, although she still expects growth. The ECB’s rates have been negative since 2014.

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

The national average price of gasoline is down 1.5 cents at $4.842 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) reported earnings on 6/30/22 before the market open with $0.96, beating estimates of $0.953 per share.

JPMorgan (JPM) reports earnings on 7/14/22 before the market open.

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 42.64 (-0.56%) is down -32.71% in 2022.

Financial Calendar

09:45 AM ET Manufacturing PMI (Jun)
10:00 AM ET Construction Spending (MoM) (May)
10:00 AM ET ISM Manufacturing Employment (Jun)
10:00 AM ET ISM Manufacturing New Orders Index (Jun)
10:00 AM ET ISM Manufacturing PMI (Jun)
10:00 AM ET ISM Manufacturing Prices (Jun)
13:00 AM ET U.S. Baker Hughes Oil Rig Count
13:00 AM ET U.S. Baker Hughes Total Rig Count
15:30 PM ET CFTC Aluminium speculative net positions
15:30 PM ET CFTC Copper speculative net positions
15:30 PM ET CFTC Corn speculative net positions
15:30 PM ET CFTC Crude Oil speculative net positions
15:30 PM ET CFTC Gold speculative net positions
15:30 PM ET CFTC Nasdaq 100 speculative net positions
15:30 PM ET CFTC Natural Gas speculative net positions
15:30 PM ET CFTC S&P 500 speculative net positions
15:30 PM ET CFTC Silver speculative net positions
15:30 PM ET CFTC Soybeans speculative net positions
15:30 PM ET CFTC Wheat speculative net positions