Dow stocks hitting 52-week highs include Caterpillar (CAT) 241.73 (+2.80%). Dow stock 52-week lows include Salesforce (CRM) 130.30 (+1.44%).

The Market

Premarket today, the Dow was indicated to open down -26 points.

Thursday the Dow closed down -348.99 (-1.05%) at 33,027.49.

Year-to-date the Dow is down -9.11%.

Thursday, (4) Dow 30 stocks were up, (2) were at 52-week lows and none were at 52-week highs.

The Dow stock winners Thursday were led by Verizon (VZ) 38.31 (+1.40%), Nike (NKE) 116.71 (+0.80%) and Procter & Gamble (PG) 152.19 (+0.23%).

The Dow stock losers Wednesday were led by Boeing (BA) 188.25 (-3.95%), Intel (INTC) 25.97 (-3.21%) and Microsoft (MSFT) 238.19 (-2.55%).

The 10 YR yield closed Thursday at 3.691 (+0.60%) and the VIX at 21.97 (+9.47%). The 10 YR is currently at 3.664 and VIX is at 20.51 (+2.19%).

With just five trading days left in December, stocks are on the cusp of finishing 2022 in the red, potentially wrapping up the worst year for equities since 2008.

Microsoft (MSFT) officially responded to the Federal Trade Commission’s attempt to block the software giant’s $68.7 billion deal to buy video game maker Activision Blizzard. Microsoft, which produces Xbox gaming systems, contended that the acquisition wouldn’t hurt competition and emphasized that it had made concessions to help get the deal approved. Regarding Activision’s lucrative Call of Duty series, Microsoft said it had offered rival Sony, which makes PlayStation consoles, a 10-year deal to release the games for Sony systems on the same day they’re offered for Xbox. “Sony refuses to deal,” Microsoft said in its response to the FTC.

The University of Michigan’s consumer sentiment index rose more than expected in December, coming in at 59.7. That’s above a Dow Jones estimate of 59.1 and up from 56.8 in November.

The core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, rose slightly more than economists expected on a year-over-year basis. Core PCE climbed 4.7% in November from the year-earlier period, while economists polled by Dow Jones expected a gain of 4.6%. Month over month, the index advanced 0.2%, matching expectations.

The degree of bearishness about the short-term direction of the stock market in the latest weekly poll conducted by the American Association of Individual Investors climbed to 52.3%, a nine-week high, from 44.6% last week. Bullish sentiment fell to 20.3% from 24.3% last week, while those who said they were neutral on the outlook for stocks dropped to 27.4% from 31.1%. The AAII said the (-) 32-point spread between bullish and bearish opinion is “unusually negative.” The survey is a contrarian indicator, meaning less risk when bearishness is high and more risk when bullishness is rampant. “Above-average market returns have often followed unusually low levels of optimism, while below-average market returns have often followed unusually high levels of optimism,” AAII says.

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

The national average price of gasoline is down five-tenths of a cent at $3.096 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

Dow (DOW)

Dow (DOW) 50.17 (-099%) is down -11.55% in 2022.

Financial Calendar

08:30 AM ET Chicago Fed National Activity (Nov), -0.05
08:30 AM ET Core Durable Goods Orders (MoM) (Nov), 0.1%, 0.5%
08:30 AM ET Core PCE Price Index (MoM) (Nov), 0.2%, 0.2%
08:30 AM ET Core PCE Price Index (YoY) (Nov), 4.7%, 5.0%
08:30 AM ET Durable Goods Orders (MoM) (Nov), -0.6%, 1.1%
08:30 AM ET Durables Excluding Defense (MoM) (Nov), 0.9%
08:30 AM ET Goods Orders Non Defense Ex Air (MoM) (Nov), 0.6%
08:30 AM ET PCE Price index (YoY) (Nov), 6.0%
08:30 AM ET PCE price index (MoM) (Nov), 0.3%
08:30 AM ET Personal Income (MoM) (Nov), 0.3% 0.7%
08:30 AM ET Personal Spending (MoM) (Nov), 0.2%, 0.8%
08:30 AM ET Real Personal Consumption (MoM) (Nov), 0.5%
09:46 AM ET Dallas Fed PCE (Nov), 3.40%
10:00 AM ET Michigan 5-Year Inflation Expectations (Dec), 3.00%
10:00 AM ET Michigan Consumer Expectations (Dec), 58.4
10:00 AM ET Michigan Consumer Sentiment (Dec), 59.1 59.1
10:00 AM ET Michigan Current Conditions (Dec), 60.2
10:00 AM ET Michigan Inflation Expectations (Dec), 4.6%
10:00 AM ET New Home Sales (Nov), 600K, 632K
10:00 AM ET New Home Sales (MoM) (Nov), -4.7%, 7.5%
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 620
13:00 PM ET U.S. Baker Hughes Total Rig Count, 776
15:30 PM ET CFTC Aluminium speculative net positions, 5.2K
15:30 PM ET CFTC Copper speculative net positions, 2.6K
15:30 PM ET CFTC Corn speculative net positions, 212.2K
15:30 PM ET CFTC Crude Oil speculative net positions, 229.6K
15:30 PM ET CFTC Gold speculative net positions, 125.6K
15:30 PM ET CFTC Nasdaq 100 speculative net positions, 19.2K
15:30 PM ET CFTC Natural Gas speculative net positions, -153.7K
15:30 PM ET CFTC S&P 500 speculative net positions, -230.1K
15:30 PM ET CFTC Silver speculative net positions, 22.8K
15:30 PM ET CFTC Soybeans speculative net positions, 113.1K
15:30 PM ET CFTC Wheat speculative net positions, -39.9K