DJIA Market Happenings For Thursday, July 28, 2022 – Travelers (TRV) 158.96 Up +1.62% 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 up +3 points.

Tuesday the Dow closed down -228.50 (-0.71%) at 31,761.54.

Year-to-date the Dow is down -11.39%.

Wednesday, (23) of the Dow 30 stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were led by Microsoft (MSFT) 268.74 (+6.69%), Salesforce (CRM) 180.30 (+5.77%) and Walmart (WMT) 126.59 (+3.78%).

The Dow stock losers Tuesday were led by 3M (MMM) 138.86 (-1.34%), Travelers (TRV) 158.96 (-1.18%) and Visa (V) 210.47 (-0.95%).

The 10 YR yield is currently at 2.680% and the VIX is at 22.80 (-1.89%).

The Federal Reserve on Wednesday decided to hike rates by three-quarters of a point, in line with expectations, to battle a four-decade-high surge in inflation. Fed Chair Jerome Powell also indicated that the central bank could slow the pace of its rate hikes.

The U.S. gross domestic product fell 0.9% in the second quarter. Most economists expected the print to show slight growth. The decline marks the second straight negative quarter for GDP, which declined 1.6% in the first quarter. That doesn’t necessarily mean we’re in a recession, at least not yet. Powell, the Fed chair, said Wednesday that he doesn’t think the economy is in a recession, saying too many parts of the economy are still performing well. “It doesn’t make sense that the economy would be in a recession with this kind of thing happening,” he said. The common rule of thumb for recessions is two consecutive quarterly declines in GDP, the official determination of ends and beginnings of business cycles is made by a group of academics at the National Bureau of Economic Research.

Washington is notoriously slow to get things done, especially when Congress is involved. But sometimes there are surprises, too, like the out-of-nowhere deal Wednesday evening between Senate Majority Leader Chuck Schumer, D-N.Y., and conservative West Virginia Democratic Sen. Joe Manchin. Just weeks ago, Manchin had balked at a reconciliation package due to his concerns over inflation. The new measure, which is designed to pass the Senate with a simple majority, includes provisions for health care and climate change, as well as deficit reduction (including a minimum corporate tax).

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

The national average price of gasoline is down 2.4 cents at $4.278 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) reported earnings on 7/21/22 before the market open with $2.31, beating estimates of $2.14 per share.

Travelers (TRV) reported earnings on 7/21/22 before the market open with $2.57, beating estimates of $1.998 per share.

American Express (AXP) reported earnings on 7/22/22 before the market open with $2.57, beating estimates of $2.371 per share.

Verizon (VZ) reported earnings on 7/22/22 before the market open with $1.31, missing estimates of $1.338 per share.

3M (MMM) reported earnings on 7/26/22 before the market open with $2.48, beating estimates of $2.407 per share.

Coca Cola (KO) reported earnings on 7/26/22 before the market open with $0.70, beating estimates of $0.673 per share.

McDonald’s (MCD) reported earnings on 7/26/22 before the market open with $2.55, beating estimates of $2.456 per share.

Microsoft (MSFT) reported earnings on 7/26/22 after the market close with $2.23, missing estimates of $2.284 per share.

Visa (V) reported earnings on 7/26/22 after the market close with $1.98, beating estimates of $1.739 per share.

Boeing (BA) reported earnings on 7/27/22 before the market open with -$0.37, missing estimates of $-$0.078 per share.

Honeywell (HON) reported earnings on 7/28/22 before the market open with $2.10, beating estimates of $2.027 per share.

Merck (MRK) reported earnings on 7/28/22 before the market open with $1.87, beating estimates of $1.674 per share.

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.

Amgen (AMGN) reports earnings on 8/4/22 after the market close.

Today’s Featured Dow Stock

Travelers (TRV)

Travelers (TRV) 158.96 (-1.18%) is up +1.62% in 2022.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,380K, 1,384K
08:30 AM ET Core PCE Prices (Q2), 4.50%, 5.20%
08:30 AM ET Fed Chair Yellen Speaks
08:30 AM ET GDP (QoQ) (Q2), 0.5%, -1.6%
08:30 AM ET GDP Price Index (QoQ) (Q2), 7.9%, 8.3%
08:30 AM ET GDP Sales (Q2), -1.2%
08:30 AM ET Initial Jobless Claims, 253K, 251K
08:30 AM ET Jobless Claims 4-Week Avg., 240.50K
08:30 AM ET PCE Prices (Q2), 7.1%
08:30 AM ET Real Consumer Spending (Q2), 1.8%
10:30 AM ET Natural Gas Storage, 22B, 32B
11:00 AM ET KC Fed Composite Index (Jul), 12
11:00 AM ET KC Fed Manufacturing Index (Jul), -1
11:30 AM ET 4-Week Bill Auction, 2.120%
11:30 AM ET 8-Week Bill Auction, 2.230%
13:00 PM ET 7-Year Note Auction, 3.280%

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