DJIA Market Happenings For Wednesday, December 7, 2022 – Verizon (VZ) 36.89 Down -29.00% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Salesforce (CRM) 133.27 (-0.49%).

The Market

Premarket today, the Dow was indicated to open down -18 points.

Tuesday the Dow closed down -350.76 (-1.03%) at 33,596.34.

Year-to-date the Dow is down -7.55%.

Tuesday, (6) Dow 30 stocks were up, (1) was at 52-week lows and none were at 52-week highs.

The Dow stock winners Monday were led by UnitedHealth (UNH) 539.32 (+0.80%), Travelers (TRV) +0.69%) and JPMorgan (JPM) 131.59 (+0.17%).

The Dow stock losers Monday were led by Disney (DIS) 92.29 (-3.79%), Boeing (BA) 178.43 (-3.60%) and Chevron (CVX)172.01 (-2.58%).

The 10 YR yield closed Tuesday at 3.545 and the VIX at 22.17 (+6.84%). The 10 YR is currently at 3.500 and VIX is at 22.65 (+2.17%).

Futures slide again with traders fretting over the possibility of a recession as the Federal Reserve could raise rates for longer than expected.

Productivity in the third quarter was better than originally thought while unit labor costs were considerably less, according to revised Labor Department data Wednesday. Unit labor costs, a measure of hourly pay compared to production, rose 2.4% for the period, a substantial downward revision from the initially reported 3.5%. That came thanks to a 0.5 percentage point upward revision in productivity and a 0.6% downward change in compensation costs. Productivity increased 0.8%, coming up from 0.3% as the result of a 0.5 percentage point upward move in output along with a 0.1 percentage point increase in hours worked. Both numbers were better than expected. Estimates had put productivity at 0.7% and unit labor costs at 3.1%.

Sen. Raphael Warnock made history Tuesday night by becoming the first full-term Black U.S. senator elected by Georgia. His victory in a runoff against Republican candidate and former football star Herschel Walker – who had the backing of former President Donald Trump – also gave Democrats a 51-49 edge in the Senate, giving them more leverage and putting an exclamation point on a much-better-than-expected midterm election cycle for the party. While Democrats lost the House, narrowly, they actually gained a seat in the Senate. Usually, an incumbent president’s party suffers big losses during the midterms. Now, while President Joe Biden likely won’t be able to advance his legislative agenda for the next two years, he will now likely have an easier time confirming judges and any Cabinet appointments he may have to make.

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

The national average price of gasoline is down 2.5 cents at $3.355 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Verizon (VZ)

Verizon (VZ) 36.89 (-0.49%) is down -29.00% in 2022.

Financial Calendar

08:30 AM ET Exports, 256.60B, 258.50B
08:30 AM ET Imports, 334.80B, 331.30B
08:30 AM ET Trade Balance (Oct), -78.20B, -80.00B, -74.10B
08:55 AM ET Redbook (YoY), 5.7%, 10.4%
12:00 AM ET EIA Short-Term Energy Outlook
16:30 AM ET API Weekly Crude Oil Stock -6.426M, -3.884M, -7.850M

Both comments and pings are currently closed.

Comments are closed.


Warning: Invalid argument supplied for foreach() in /home/customer/www/dow-jones-djia.com/public_html/wp-includes/script-loader.php on line 2841