The Dow Market Happenings For Thursday, July 21, 2022 – 3M (MMM) 133.01 Down -25.12% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -74 points.

Wednesday the Dow closed up +47.79 at 31,874.84.(

Year-to-date the Dow is down -12.28%.

Wednesday, (18) of the Dow 30 stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Wednesday were led by Salesforce (CRM) 182.45 (+4.97%), Disney (DIS) 103.35 (+3.75%) and Nike (NKE) 111.11 (+1.76%).

The Dow stock losers Wednesday were led by Merck (MRK) 89.65 (-2.93%), Verizon (VZ) 49.07 (-2.74%) and UnitedHealth (UNH) 519.47 (-2.62%).

The 10 YR yield is currently at 3.025% and the VIX is at 23.88 (-2.53%).

Microsoft (MSFT)is joining a list of tech giants that are getting more conservative when it comes to hiring and spending. The company said it would scale back on adding employees as inflation weighs on consumers and some see a potential recession on the horizon. “As Microsoft gets ready for the new fiscal year, it is making sure the right resources are aligned to the right opportunity”. Google parent Alphabet and Facebook parent Meta are also slowing their hiring pace. Apple (AAPL), too, is reportedly aiming to ease back on spending and hiring for certain teams.

Gasoline prices are coming down, and there’s a strong chance the United States saw a peak when the average price hit $5.01 in June. It’s likely due to two major factors: lower demand as people cut back on road travel and continue to work from home, and supply growth. Some drivers are now paying under $4 a gallon, although it’ll take a while to get the national average down to that point. It was at $4.440 per gallon as of Thursday, and there are still plenty of variables that could lead to another price spike, including the potential for hurricanes disrupting production in the Gulf of Mexico.

Unemployment insurance weekly claims in the week ending July 16, the advance figure for seasonally adjusted initial claims was 251,000, an increase of 7,000 from the previous week’s unrevised level of 244,000. The 4-week moving average was 240,500, an increase of 4,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 235,750 to 236,000. The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending July 9, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending July 9 was 1,384,000, an increase of 51,000 from the previous week’s revised level. The previous week’s level was revised up 2,000 from 1,331,000 to 1,333,000. The 4-week moving average was 1,353,250, an increase of 13,250 from the previous week’s revised average. The previous week’s average was revised up by 500 from 1,339,500 to 1,340,000. The total number of continued weeks claimed for benefits in all programs for the week ending July 2 was 1,353,028, a decrease of 47,842 from the previous week. There were 12,555,535 weekly claims filed for benefits in all programs in the comparable week in 2021.

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

The national average price of gasoline is down 2.7 cents at $4.440 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) reported earnings on 7/14/22 before the market open with $2.76, missing estimates of $2.854 per share.

UnitedHealth (UNH) reported earnings on 7/15/22 before the market open with $5.57, beating estimates of $5.243 per shaare.

Goldman Sachs (GS) reports earnings on 7/18/22 before the market open with $7.33, beating estimates of $6.992 per share.

IBM (IBM) reported earnings on 7/18/22 after the market close with $2.31, beating estimates of $2.288 per share.

Johnson & Johnson (JNJ) reported earnings on 7/19/22 before the market open with $2.59, beating estimates of $2.57 per share.

Dow (DOW) reports earnings on 7/21/22 before the market open.

Travelers (TRV) reports earnings on 7/21/22 before the market open.

American Express (AXP) reports earnings on 7/22/22 before the market open.

Verizon (VZ) reports earnings on 7/22/22 before the market open.

3M (MMM) reports earnings on 7/26/22 before the market open.

Coca Cola (KO) reports earnings on 7/26/22 before the market open.

McDonald’s (MCD) reports earnings on 7/26/22 before the market open.

Microsoft (MSFT) reports earnings on 7/26/22 after the market close.

Visa (V) reports earnings on 7/26/22 after the market close.

Boeing (BA) reports earnings on 7/27/22 before the market open.

Honeywell (HON) reports earnings on 7/28/22 before the market open.

Merck (MRK) reports earnings on 7/28/22 before the market open.

Apple (AAPL) reports earnings on 7/28/22 after the market close.

Intel (INTC) reports earnings on 7/28/22 after the market close.

Caterpillar (CAT) reports earnings on 7/29/22 before the market open.

Chevron (CVX) reports earnings on 7/29/22 before the market open.

Procter & Gamble (PG) reports earnings on 7/29/22 before the market open.

Today’s Featured Dow Stock

3M (MMM)

3M (MMM) 133.01 (+0.67%) is down -25.12% in 2022.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,340K, 1,331K
08:30 AM ET Initial Jobless Claims, 240K, 244K
08:30 AM ET Jobless Claims 4-Week Avg., 235.75K
08:30 AM ET Philadelphia Fed Manufacturing Index (Jul), -2.5, -3.3
08:30 AM ET Philly Fed Business Conditions (Jul), -6.8
08:30 AM ET Philly Fed CAPEX Index (Jul), 11.70
08:30 AM ET Philly Fed Employment (Jul), 28.1
08:30 AM ET Philly Fed New Orders (Jul), -12.4
08:30 AM ET Philly Fed Prices Paid (Jul), 64.50
10:00 AM ET US Leading Index (MoM) (Jun), -0.5%, -0.4%
10:30 AM ET Natural Gas Storage, 47B, 58B
11:30 AM ET 4-Week Bill Auction, 1.980%
11:30 AM ET 8-Week Bill Auction, 2.270%
13:00 PM ET 10-Year TIPS Auction, 0.232%

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