The Dow Market Happenings For Thursday, September 1, 2022 – 3M (MMM) 124.35 Down -30.00% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Intel (INTC) 31.92 (-1.05%), Verizon (VZ) 41.81 (-1.69%) and Walgreens (WBA) 35.06 (-0.34%).

The Market

Premarket today, the Dow was indicated to open down -158 points.

Wednesday the Dow closed down -280.44 (-0.88%) at 31,510.43.

Year-to-date the Dow is down -13.29%.

Wednesday, (4) Dow 30 stocks were up, (3) were at 52-week lows and none were at 52-week highs.

The Dow stock winners Wednesday were led by Amgen (AMGN) 240.30 (+0.49%), Goldman Sachs (GS) 332.67 (+0.47%) and McDonald’s (MCD) 252.28 (+0.07%).

The Dow stock losers Wednesday were led by Salesforce (CRM) 156.12 (-2.22%), Merck (MRK) 85.36 (-1.75%) and American Express (AXP) 152.00 (-1.72%).

The 10 YR yield is currently at 3.251% and the VIX is at 26.73 (3.32%).

Looks like another downer day.

Cleveland Fed President Loretta Mester said Wednesday she sees rates rising significantly higher to over 4%. Nor does she expect the central bank to cut rates next year. The Fed is expected to hike rates by another three quarters of a point later this month.

Unemployment insurance weekly claims in the week ending August 27, the advance figure for seasonally adjusted initial claims was 232,000, a decrease of 5,000 from the previous week’s revised level. The previous week’s level was revised down by 6,000 from 243,000 to 237,000. The 4-week moving average was 241,500, a decrease of 4,000 from the previous week’s revised average. The previous week’s average was revised down by 1,500 from 247,000 to 245,500. The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending August 20, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending August 20 was 1,438,000, an increase of 26,000 from the previous week’s revised level. The previous week’s level was revised down by 3,000 from 1,415,000 to 1,412,000. The 4-week moving average was 1,428,500, an increase of 4,500 from the previous week’s revised average. The previous week’s average was revised down by 750 from 1,424,750 to 1,424,000. The total number of continued weeks claimed for benefits in all programs for the week ending August 13 was 1,438,128, a decrease of 10,407 from the previous week. There were 12,186,219 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 mostly lower.

The national average price of gasoline is down 1.2 cents at $3.829 per gallon.

Latest Dow 30 Earnings Reports

There are no Dow 30 companies set to report earnings in the near term.

Today’s Featured Dow Stock

3M (MMM)

3M (MMM) 124.35 (-0.41%) is down -30.00% in 2022.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), 36.3%
07:30 AM ET Challenger Job Cuts (Aug), 25.810K
08:30 AM ET Continuing Jobless Claims, 1,438K, 1,415K
08:30 AM ET Initial Jobless Claims, 248K, 243K
08:30 AM ET Jobless Claims 4-Week Avg., 247.00K
08:30 AM ET Nonfarm Productivity (QoQ) (Q2), -4.5%, -4.6%
08:30 AM ET Unit Labor Costs (QoQ) (Q2), 10.7%, 10.8%
09:45 AM ET Manufacturing PMI (Aug), 51.3, 51.3
10:00 AM ET Construction Spending (MoM) (Jul), -0.4%, -1.1%
10:00 AM ET ISM Manufacturing Employment (Aug), 49.0, 49.9
10:00 AM ET ISM Manufacturing New Orders Index (Aug), 48.0
10:00 AM ET ISM Manufacturing PMI (Aug), 52.0, 52.8
10:00 AM ET ISM Manufacturing Prices (Aug), 55.5, 60.0
10:30 AM ET Natural Gas Storage, 58B, 60B
11:30 AM ET 4-Week Bill Auction, 2.310%
11:30 AM ET 8-Week Bill Auction, 2.610%
19:00 PM ET Total Vehicle Sales, 13.30M, 13.35M

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