The Dow Market Happenings For Wednesday, December 14, 2022 – American Express (AXP) 157.52 Down -3.72% YTD

Dow stocks hitting 52-week highs include IBM (IBM) 150.57 (+0.91%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +24 points.

Tuesday the Dow closed up +103.60 (+0.30%) at 34,108.64.

Year-to-date the Dow is down -6.14%.

Tuesday, (29) 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 Chevron (CVX) 176.53 (+2.23%), Salesforce (CRM) 135.62 (+1.89%) and Merck (MRK) 110.91 (+1.78%).

The Dow stock losers Tuesday were led by Amgen (AMGN) 272.26 (-1.63%), UnitedHealth (UNH) 538.22 (-1.40%) and McDonald’s (MCD) 274.28 (-0.85%).

The 10 YR yield closed Tuesday at 3.498 (+0.09%) and the VIX at 22.55 (-9.80%). The 10 YR is currently at 3.457 and VIX is at 21.57 (-13.72%).

The Federal Reserve is expected to raise its benchmark rate by half a percentage point later today. Markets have baked that in. Rather, investors will be looking intently at the Fed’s updated rate forecasts and listening closely to what Chairman Jerome Powell says during his press conference after the rate announcement. Economists expect the Fed to stick to its hard line against inflation, even after two straight months of cooling in the consumer price index.

Congressional leaders said Tuesday they had reached an agreement on the framework of a spending package that will keep the government open. Senate Appropriations Committee Chairman Patrick Leahy, D-Vt., announced the deal with House Appropriations Chairwoman Rep. Rosa DeLauro, D-Conn., and Senate Appropriations Vice Chair Richard Shelby, R-Ala. “If all goes well, we should be able to finish an omnibus appropriations package by December 23rd,” Shelby said in a statement. The lawmakers didn’t disclose the details of the deal.

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

The national average price of gasoline is down 3.1 cents at $3.214 per gallon.

Earnings Reports

Nike (NKE) will report earnings on 12/20/22 after the market close.

Today’s Featured Dow Stock

American Express (AXP)

American Express (AXP) 157.52 (+0.13%) is down -3.72% in 2022.

Financial Calendar

04:00 AM ET IEA Monthly Report
07:00 AM ET MBA 30-Year Mortgage Rate, 6.41%
07:00 AM ET MBA Mortgage Applications (WoW), -1.9%
07:00 AM ET MBA Purchase Index, 175.5
07:00 AM ET Mortgage Market Index, 204.2
07:00 AM ET Mortgage Refinance Index, 340.8
08:30 AM ET Export Price Index (MoM) (Nov), -0.4%, -0.3%
08:30 AM ET Import Price Index (MoM) (Nov), -0.5%, -0.2%
10:19 AM ET Dallas Fed PCE (Sep), 6.00%
10:30 AM ET Crude Oil Inventories, -3.595M, -5.187M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.053M
10:30 AM ET Crude Oil Imports, 1.493M
10:30 AM ET Cushing Crude Oil Inventories, -0.715M, -0.373M
10:30 AM ET Distillate Fuel Production, 0.021M
10:30 AM ET EIA Weekly Distillates Stocks, 2.517M, 6.159M
10:30 AM ET Gasoline Production, -0.295M
10:30 AM ET Heating Oil Stockpiles, -0.705M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -0.1%, 0.3%
10:30 AM ET Gasoline Inventories, 2.714M, 5.320M
11:00 AM ET Cleveland CPI (MoM) (Nov), 0.5%
11:00 AM ET Thomson Reuters IPSOS PCSI (Dec), 50.94
14:00 PM ET Interest Rate Projection – 1st Yr (Q4), 4.6%
14:00 PM ET Interest Rate Projection – 2nd Yr (Q4), 3.9%
14:00 PM ET Interest Rate Projection – 3rd Yr (Q4), 2.9%
14:00 PM ET Interest Rate Projection – Current (Q4), 4.4%
14:00 PM ET Interest Rate Projection – Longer (Q4), 2.5%
14:00 PM ET FOMC Economic Projections
14:00 PM ET FOMC Statement
14:00 PM ET Fed Interest Rate Decision, 4.50%, 4.00%
14:30 PM ET FOMC Press Conference

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