The Dow Market Happenings For Wednesday, September 14, 2022 – Verizon (VZ) 41.75 Down -19.65% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Dow (DOW) 47.87 (-6.01%) and Intel (INTC) 29.29 (-7.19%).

The Market

Premarket today, the Dow was indicated to open up +58 points.

Tuesday the Dow closed down 1276.37 (-3.94%) at 31,104.97.

Year-to-date the Dow is down -14.40%.

Tuesday, all Dow 30 stocks were up, (2) were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were not to be found after the CPI release crushed markets.

The Dow stock losers Tuesday were led by Intel (INTC) 29.29 (-7.19%), Boeing (BA) 147.31 (-7.19%), Home Depot (HD) 277.93 (-6.59%), Dow (DOW) 47.87 (-6.01%), Nike (NKE) 105.72 (-5.93%) and Apple (AAPL) 1153.84 (-5.87%).

The 10 YR yield is currently at 3.443% and the VIX is at 26.91 (-1.32%).

New figures published Tuesday by the US Bureau of Labor Statistics show that annual headline inflation in the world’s largest economy ran at 8.3% last month, more than the 8.1% economists expected.

After yesterday’s lackluster CPI report traders are now divided over whether the Fed will hike its benchmark rate by three-quarters of a point or one full point at next week’s meeting.

The producer price index, a gauge of prices received at the wholesale level, declined 0.1%, in line with expectations. On a year-over-year basis, the index, which is a gauge of wholesale prices, increased 8.7%, the lowest increase since August 2021.

Thousands of rail workers could go on strike Friday as negotiations between a couple major unions and rail carriers are at an impasse over sick leave policies. The White House, meanwhile, has begun preparing for a work stoppage. A strike could end up costing $2 billion per day.

The housing market continues to feel the pressure from rising rates. Overall demand for mortgages declined over 1% week to week, according to the Mortgage Bankers Association. Since last year, though, the dropoff is more significant. Demand for mortgages from homebuyers fell by nearly a third. Refinance demand has fallen more than 80%, as well. Rates were effectively rock bottom this time last year, but now they’re over 6%, about double what they were at the start of 2022.

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

The national average price of gasoline is down four-tenths of a cent at $3.703 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

Verizon (VZ)

Verizon (VZ) 41.75 (-2.36%) is down -19.65% in 2022.

Financial Calendar

04:00 AM ET IEA Monthly Report
07:00 AM ET MBA 30-Year Mortgage Rate, 5.94%
07:00 AM ET MBA Mortgage Applications (WoW), -0.8%
07:00 AM ET MBA Purchase Index, 197.8
07:00 AM ET Mortgage Market Index, 258.1
07:00 AM ET Mortgage Refinance Index, 556.4
08:30 AM ET Core PPI (YoY) (Aug), 7.1%, 7.6%
08:30 AM ET Core PPI (MoM) (Aug), 0.3%, 0.2%
08:30 AM ET PPI ex. Food/Energy/Transport (MoM) (Aug), 0.2%
08:30 AM ET PPI (MoM) (Aug), -0.1%, -0.5%
08:30 AM ET PPI ex. Food/Energy/Transport (YoY) (Aug), 5.8%
08:30 AM ET PPI (YoY) (Aug), 8.8%, 9.8%
10:30 AM ET Crude Oil Inventories, 0.833M, 8.844M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.309M
10:30 AM ET Crude Oil Imports, 1.357M
10:30 AM ET Cushing Crude Oil Inventories, -0.501M
10:30 AM ET Distillate Fuel Production, 0.112M
10:30 AM ET EIA Weekly Distillates Stocks, 0.600M, 0.095M
10:30 AM ET Gasoline Production, 0.074M
10:30 AM ET Heating Oil Stockpiles, -0.724M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -0.8%, -1.8%
10:30 AM ET Gasoline Inventories, -0.858M, 0.333M
12:00 PM ET Thomson Reuters IPSOS PCSI (Sep), 51.16

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