DJIA Market Happenings For Wednesday, December 21, 2022 – Chevron (CVX) 172.67 Up +47.14% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +299 points.

Tuesday the Dow closed up +92.20 (+0.28%) at 32,849.74.

Year-to-date the Dow is down -9.60%.

Tuesday, (19) 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 IBM (IBM) 141.28 (+1.74%), Chevron (CVX) 172.67 (+1.64%) and Disney (DIS) 87.02 (+1.45%).

The Dow stock losers Tuesday were led by Intel (INTC) 26.44 (-1.31%), 3M (MMM) 120.81 (-1.08%) and Home Depot (HD) 314.84 (-0.78%).

The 10 YR yield closed Tuesday at 3.702 (+0.68%) and the VIX at 21.48 (-4.19%). The 10 YR is currently at 3.631 and VIX is at 20.49 (-4.61%).

Nike (NKE) continued its earnings hot streak with a stellar report Tuesday that easily surpassed Wall Street’s expectations. The sports apparel maker and retailer also enhanced its revenue outlook while posting improved inventory numbers from the prior quarter. Nike, like other retailers, has been mired under a merchandise glut largely due to supply chain snarls, so inventories are still much higher than a year earlier, and they’re cutting into margins. But some aggressive clearance work, including a big shift of products to wholesale channels, has helped Nike feel like it’s past the peak of its inventory woes. Nike shares surged 11% after the apparel maker beat Wall Street’s expectations for quarterly earnings and revenue.

Mortgage applications to refinance rose 6% last week as interest rates dropped to their lowest level since September. Volume, meanwhile, was 85% lower than the same week last year.

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

The national average price of gasoline is down 1.5 cents at $3.108 per gallon.

Earnings Reports

Nike (NKE) will report earnings on 12/20/22 after the market close with $0.85, beating estimates of $0.654 per share.

Walgreens (WBA) will report earnings on 1/5/22 before the market open.

JPMorgan (JPM) will report earnings on 1/13/22 before the market open.

UnitedHealth (UNH)) will report earnings on 1/13/22 before the market open.

Goldman Sachs (GS) will report earnings on 1/17/22 before the market open.

Today’s Featured Dow Stock

Chevron (CVX)

Chevron (CVX) 172.67 (+1.64%) is up +47.14% in 2022.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.42%
07:00 AM ET MBA Mortgage Applications (WoW), 3.2%
07:00 AM ET MBA Purchase Index, 182.6
07:00 AM ET Mortgage Market Index, 210.7
07:00 AM ET Mortgage Refinance Index, 350.5
08:30 AM ET Current Account (Q3), -222.0B, -251.1B
10:00 AM ET CB Consumer Confidence (Dec), 101.0, 100.2
10:00 AM ET Existing Home Sales (MoM) (Nov), -5.4%, -5.9%
10:00 AM ET Existing Home Sales (Nov), 4.20M, 4.43M
10:30 AM ET Crude Oil Inventories, -1.657M, 10.231M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.459M
10:30 AM ET Crude Oil Imports, -0.031M
10:30 AM ET Cushing Crude Oil Inventories, 0.426M
10:30 AM ET Distillate Fuel Production, -0.164M
10:30 AM ET EIA Weekly Distillates Stocks, 0.336M, 1.364M
10:30 AM ET Gasoline Production, 0.129M
10:30 AM ET Heating Oil Stockpiles, 0.504M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -0.1%, -3.3%
10:30 AM ET Gasoline Inventories, 2.140M, 4.496M
13:00 PM ET 20-Year Bond Auction, 4.072%

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