The Dow Market Happenings For Thursday, January 5, 2023 – JPMorgan (JPM) 136.38 Up +1.70% 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 down -203 points.

Wednesday the Dow closed up +133.40 (+0.41%) at 33,269.77.

Year-to-date the Dow is up +0.37%.

Wednesday, (24) Dow 30 stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Wednesday were led by Boeing (BA) 203.64 (+4.22%), Salesforce (CRM) 139.59 (+3.57%) and Intel (INTC) 27.68 (+3.55%).

The Dow stock losers Wednesday were led by Microsoft (MSFT) 229.10 (-4.37%), UnitedHealth (UNH) 504.50 (-2.73%) and Honeywell (HON) 210.04 (-1.99%).

The 10 YR yield closed Wednesday at 3.700 (-0.51%) and the VIX at 22.01 (-3.89%). The 10 YR is currently at 3.755 and VIX is at 22.47 (+2.09%).

The Federal Reserve released the minutes from its December policy-setting meeting Wednesday. While the central bank didn’t exactly give investors what they wanted, it didn’t exactly rock the boat too much, either. “Participants generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which was likely to take some time,” a summary of the minutes said. The Fed is expected to raise rates again at its next meeting, which concludes Feb. 1, although traders think it could be a smaller increase than December’s half-percentage-point hike.

U.S. stock futures fell after the ADP private payrolls report showed that employers added 235,000 jobs in December, well above economist estimates. Wages also increased more than anticipated, another sign that the labor market remains hot. Later in the morning, weekly jobless claims came in below expectations and showed a drop in continuing claims.

November’s Job Openings and Labor Turnover, or JOLTS, report showed the job market remained strong, bolstering concerns that the Fed could continue raising interest rates as long as there remained a hot market for workers. But the ISM manufacturing index showed the sector was contracting after 30 months of expansion, which investors saw as a positive indicator that previous rate hikes had the intended impact of cooling the economy.

Initial jobless claims ticked up slightly to 225,000 in the week ending Dec. 24, according to the Labor Department. But continuing claims, which count those who have been on unemployment for more than one week, dropped. Continuing claims fell more than 24,000 to 1,569,764 in the previous week. This signals that people are finding new jobs amid a strong labor market.

The United States House of Representatives on Thursday entered its third day without a speaker, leaving a large part of the federal government in chaos and confusion. Until a speaker is chosen, no member of the House can be sworn in. Kevin McCarthy, the Republican leader, on Wednesday failed another three times in his bid to take the gavel as a small but stubborn faction of hard-right lawmakers continued to vote against him, despite a renewed endorsement from former President Donald Trump. It is unclear when the Republicans will break the stalemate. Democrats, who nominated their new leader, Hakeem Jeffries of New York, for speaker, have shown no willingness to bail them out of their mess.

Walgreens (WBA) fell about 2% in premarket even after the company reported fiscal first quarter earnings that beat analyst estimates. The company also raised its full-year revenue outlook partly due to its U.S. health care segment’s acquisition of Summit Health.

American Express (AXP) fell 1.48% in the premarket after being downgraded by Stephens on Thursday to underweight from equal weight. The firm’s analysts, concerned about American Express’ cushion heading into a recession, also cut their price target to $134 per share from $146 and slashed their 2023 EPS estimates by 8%.

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

The national average price of gasoline is up 2.5 cents at $3.285 per gallon.

Earnings Reports

Walgreens (WBA) reported earnings on 1/5/23 before the market open with $1.16, beating estimates of $1.145 per share.

JPMorgan (JPM) will report earnings on 1/13/23 before the market open.

UnitedHealth (UNH) will report earnings on 1/13/23 before the market open.

Goldman Sachs (GS) will report earnings on 1/17/23 before the market open.

Procter & Gamble (PG) will report earnings on 1/19/23 before the market open.

3M (MMM) will report earnings on 1/24/23 before the market open.

Johnson & Johnson (JNJ) will report earnings on 1/24/23 before the market open.

Microsoft (MSFT) will report earnings on 1/24/23 after the market close.

Travelers (TRV) will report earnings on 1/24/23 before the market open.

Verizon (VZ) will report earnings on 1/24/23 before the market open.

Boeing (BA) will report earnings on 1/25/23 before the market open.

IBM (IBM) will report earnings on 1/25/23 after the market close.

Intel (INTC) will report earnings on 1/25/23 after the market close.

McDonald’s (MCD) will report earnings on 1/26/23 before the market open.

Caterpillar (CAT) will report earnings on 1/26/23 before the market open.

Dow (DOW) will report earnings on 1/26/23 before the market open.

Apple (AAPL) will report earnings on 1/26/23 after the market close.

Visa (V) will report earnings on 1/26/23 after the market close.

American Express (AXP) will report earnings on 1/27/23 before the market open.

Chevron (CVX) will report earnings on 1/27/23 before the market open.

Today’s Featured Dow Stock

JPMorgan (JPM)

JPMorgan (JPM) 136.38 (+0.93%) is up +1.70% in 2023.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), 416.5%
07:30 AM ET Challenger Job Cuts (Dec), 76.835K
08:15 AM ET ADP Nonfarm Employment Change (Dec), 150K, 127K
08:30 AM ET Continuing Jobless Claims, 1,708K, 1,710K
08:30 AM ET Exports, 256.60B
08:30 AM ET Imports, 334.80B
08:30 AM ET Initial Jobless Claims, 225K, 225K
08:30 AM ET Jobless Claims 4-Week Avg., 221.00K
08:30 AM ET Trade Balance (Nov), -73.00B, -78.20B
09:20 AM ET FOMC Member Bostic Speaks
09:45 AM ET S&P Global Composite PMI (Dec), 44.6, 46.4
09:45 AM ET Services PMI (Dec), 44.4, 46.2
10:30 AM ET Natural Gas Storage, -228B, -213B
11:00 AM ET Crude Oil Inventories, 1.154M, 0.718M
11:00 AM ET EIA Refinery Crude Runs (WoW), 0.173M
11:00 AM ET Crude Oil Imports, 1.328M
11:00 AM ET Cushing Crude Oil Inventories, -0.195M
11:00 AM ET Distillate Fuel Production, -0.017M
11:00 AM ET EIA Weekly Distillates Stocks, -0.396M, 0.282M
11:00 AM ET Gasoline Production, 0.592M
11:00 AM ET Heating Oil Stockpiles, 0.011M
11:00 AM ET EIA Weekly Refinery Utilization Rates (WoW), -2.9%, 1.1%
11:00 AM ET Gasoline Inventories, -0.486M, -3.105M
11:30 AM ET 4-Week Bill Auction, 3.830%
11:30 AM ET 8-Week Bill Auction, 4.250%
13:20 PM ET FOMC Member Bullard Speaks

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