The Dow Market Happenings For Wednesday, January 11, 2023 – Merck (MRK) 110.81 Down -0.13% 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 +88 points.

Tuesday the Dow closed up +186.45 (+0.56%) at 33,704.10.

Year-to-date the Dow is up +1.68%.

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

The Dow stock winners Tuesday were led by Dow (DOW) 56.47 (+2.15%), Caterpillar (CAT) 250.51 (+1.58%) and Verizon (VZ) 41.95 (+1.40%).

The Dow stock losers Monday were led by Boeing (BA) 206.69 (-0.90%), UnitedHealth (UNH) 486.00 (-0.83%) and Coca Cola (KO) 62.13 (-0.77%).

The 10 YR yield closed Monday at 3.590 (-0.83%) and the VIX at 20.58 (-6.33%). The 10 YR is currently at 3.583 and VIX is at 20.73 (+0.73%).

2023 has brought a relief rally so far for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.

Wednesday features a light schedule for economic data, but investors will be gearing up for a key inflation report on Thursday and major bank earnings on Friday.

Salesforce (CRM) fell 2.8% after Bernstein downgraded the shares, saying they’re falling into a “growth purgatory” and could have difficulty climbing out of it.

Thursday’s consumer price index report could show inflation running at a hotter pace than Wall Street expects, according to a Cleveland Fed gauge. The central bank’s Inflation Nowcasting tracker is pointing to headline CPI increasing at a 0.1% monthly pace, while core, excluding volatile food and energy prices, is indicating a 0.5% gain. Both numbers are ahead of the Dow Jones consensus estimates for a decrease of 0.1% on headline and gain of 0.3% on core. On an annual basis, the Cleveland Fed model is pointing to a 6.6% headline gain and 5.9% for core, compared to respective Dow Jones estimates of 6.5% and 5.7%.

Total mortgage application volume rose just 1.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

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

The national average price of gasoline is down three-tenths of a cent at $3.267 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 reports earnings on 1/13/23 before the market open.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Today’s Featured Dow Stock

Merck (MRK)

Merck (MRK) 110.81 (+0.39%) is down -0.13% in 2023.

Financial Calendar

08:55 AM ET Redbook (YoY), 5.3%, 10.2%
09:00 AM ET Fed Chair Powell Speaks
10:00 AM ET IBD/TIPP Economic Optimism, 42.3, 41.7, 42.9
10:00 AM ET Wholesale Inventories (MoM), 1.0%, 1.0%, 1.0%
10:00 AM ET Wholesale Trade Sales (MoM) (Nov), -0.6%, 0.5%, 0.4%
12:00 PM ET EIA Short-Term Energy Outlook
13:00 PM ET 3-Year Note Auction, 3.977%, 4.093%
16:30 PM ET API Weekly Crude Oil Stock, 14.865M, -2.375M, 3.298M

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