The Dow Market Happenings For Thursday, September 22, 2022 – Caterpillar (CAT) 171.95 Down -16.83% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Salesforce (CRM) 147.63 (-1.45%), Dow (DOW) 44.98 (-2.41%), Microsoft (MSFT) 238.95 (-1.44%), Verizon (VZ) 39.48 (-2.73%) and Walgreens (WBA) 33.43 (-1.65%).

The Market

Premarket today, the Dow was indicated to open up +8 points.

Wednesday the Dow closed down -522.45 (-1.70%) at 30,183.78.

Year-to-date the Dow is down -16.94%.

Wednesday, (1) Dow stock was up, (5) were at 52-week lows and none were at 52-week highs.

The Dow stock winner Wednesday was Walmart (WMT) 134.77 (+0.91%).

The Dow stock losers Wednesday were led by Apple (AAPL) 153.72 (-2.03%), Amgen (AMGN) 224.46 (-1.43%), American Express (AXP) 148.71 (-3.11%), Boeing (BA) 143.29 (-1.82%) and Caterpillar (CAT) 171.95 (-3.39%).

The 10 YR yield is currently at 3.558% and the VIX is at 27.99 (+3.06%).

Investors were seeking longer-term clarity from the Federal Reserve on Wednesday, but they didn’t like it when the central bank did just that. While raising its benchmark rate another three-quarters of a point, the Fed said it would keep going until it hits as much as 4.6%. Now, the federal funds rate is at 3% to 3.25%, the highest it’s been in a little more than 14 years. The announcement triggered a volatile afternoon, in which stocks fell at first, then surged back into positive territory before finishing the day with big losses. On Thursday morning, the three major indices look set for a mixed open.

Wednesday, cloud software company Salesforce (CRM), which owns the workplace messaging app Slack, unveiled its goal to reach an adjusted operating margin of 25% for the 2026 fiscal year. To get there, the company said it would aim to lower its rate of sales and marketing spending, relative to revenue. Salesforce had already said earlier this year that it would be more careful in how it adds to its headcount, and it is evaluating its real estate as hybrid work becomes more of a norm. Shares of the company hit a 52-week low Wednesday before bouncing back a little during off-hours trading.

Unemployment insurance weekly claims in the week ending September 17, the advance figure for seasonally adjusted initial claims was 213,000, an increase of 5,000 from the previous week’s revised level. The previous week’s level was revised down by 5,000 from 213,000 to 208,000. The 4-week moving average was 216,750, a decrease of 6,000 from the previous week’s revised average. The previous week’s average was revised down by 1,250 from 224,000 to 222,750. The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending September 10, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 10 was 1,379,000, a decrease of 22,000 from the previous week’s revised level. The previous week’s level was revised down by 2,000 from 1,403,000 to 1,401,000. The 4-week moving average was 1,404,750, a decrease of 8,250 from the previous week’s revised average. The previous week’s average was revised down by 250 from 1,413,250 to 1,413,000. The total number of continued weeks claimed for benefits in all programs for the week ending September 3 was 1,295,702, a decrease of 96,414 from the previous week. There were 11,250,317 weekly claims filed for benefits in all programs in the comparable week in 2021.

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

The national average price of gasoline is up three-tenths of a cent at $3.684 per gallon.

Latest Dow 30 Earnings Reports

Nike (NKE) reports earnings on 9/29/2022 after the market close.

Today’s Featured Dow Stock

Caterpillar (CAT)

Caterpillar (CAT) 171.95 (-3.39%) is down -16.83% in 2022.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,400K, 1,403K
08:30 AM ET Current Account (Q2), -260.6B, -291.4B
08:30 AM ET Initial Jobless Claims, 218K, 213K
08:30 AM ET Jobless Claims 4-Week Avg., 224.00K
10:00 AM ET US Leading Index (MoM) (Aug), -0.1%, -0.4%
10:30 AM ET Natural Gas Storage, 93B, 77B
11:00 AM ET KC Fed Composite Index (Sep), 3
11:00 AM ET KC Fed Manufacturing Index (Sep), -9
11:30 AM ET 4-Week Bill Auction, 2.500%
11:30 AM ET 8-Week Bill Auction, 2.765%
13:00 PM ET 10-Year TIPS Auction, 0.630%

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