There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Caterpillar (CAT) 173.76 (-2.54%), Cisco (CSCO) 41.96 (-1.50%), Dow (DOW) 50.73 (-1.86%), Honeywell (HON) 172.09 (-1.72%), Intel (INTC) 36.69 (+0.96%), JPMorgan (JPM) 112.62 (-0.38%) and 3M (MMM) 129.21 (+0.56%).

The Market

Premarket today, the Dow was indicated to open up +6 points.

Tuesday the Dow closed down -129.44 (-0.42%) at 30,967.82.

Year-to-date the Dow is down -14.78%.

Tuesday, (12) of the Dow 30 stocks were up, (7) were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were led by Nike (NKE) 104.32 (+3.10%), Salesforce (CRM) 172.20 (+2.38%) and Apple (AAPL) 141.56 (+1.89%).

The Dow stock losers Tuesday were led by Chevron (CVX) 142.66 (-2.63%), Caterpillar (CAT) 173.76 (-2.54%) and IBM (IBM) 137.63 (-2.48%)

The 10 YR yield is currently at 2.848% and the VIX is at 27.54 (+0.04%).

At 2 p.m. ET today, the Fed is scheduled to release the minutes from its June 14-15 meeting, giving some insight into the central bank’s strategy to raise rates in its fight against 40-year-high inflation. PMI data is set to come out at 9:45 a.m. ET. At 10 a.m., both the ISM services index and the Job Openings and Labor Turnover Survey, or JOLTS, are scheduled to be released.

The bond market appears to have a warning for the U.S. economy. The yield on the 2-year Treasury jumped higher than the yield on 10-year notes, inverting what’s known as the yield curve. When that happens, it’s usually considered an indication that a recession will happen soon – or is already underway. Yields had also increased early Wednesday morning.

Demand for mortgages fell week over week, even as rates declined slightly. Amid some signs of a slowdown in the housing market, prices remain high and supply is tight. Rates are also way above where they were during the Covid pandemic.

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

The national average price of gasoline is down 2.1 cents at $4.779 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.

UnitedHealth (UNH) reports earnings on 7/1/22 before the market open.

Goldman Sachs (GS) reports earnings on 7/18/22 before the market open.

IBM (IBM)) reports earnings on 7/18/22 after the market close.

Today’s Featured Dow Stock

Disney (DIS)

Disney (DIS) 97.18 (+1.08%) is down -37.26% 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)
09:00 AM ET FOMC Member Williams Speaks
09:45 AM ET S&P Global Composite PMI (Jun)
09:45 AM ET Services PMI (Jun)
10:00 AM ET ISM Non-Manufacturing Business Activity (Jun)
10:00 AM ET ISM Non-Manufacturing Employment (Jun)
10:00 AM ET ISM Non-Manufacturing New Orders (Jun)
10:00 AM ET ISM Non-Manufacturing PMI (Jun)
10:00 AM ET ISM Non-Manufacturing Prices (Jun)
10:00 AM ET JOLTs Job Openings (May)
14:00 PM ET FOMC Meeting Minutes
16:30 PM ET API Weekly Crude Oil Stock
19:00 PM ET Total Vehicle Sales