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 +9 points.

Wednesday the Dow closed up +6.92 (+0.02%) at 34,092.96.

Year-to-date the Dow is up +2.85%.

Wednesday, (18) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Wednesday were led by Intel (INTC) 29.07 (+2.87%), Salesforce (CRM) 171.82 (+2.29%) and Microsoft (MSFT) 252.75 (+1.99%).

The Dow stock losers Wednesday were led by Travelers (TRV) 185.23 (-3.08%), Amgen (AMGN) 246.41 (-2.37%) and Chevron (CVX) 171.36 (-1.53%).

The 10 YR yield closed Wednesday at 3.393 (+0.21%) and the VIX at 17.87 (-7.89%). The 10 YR is currently at 3.349 and VIX is at 17.46 (-2.29%).

The Federal Reserve raised its benchmark rate by a quarter of a point Wednesday, as expected, but investors jumped on what they saw as slightly more dovish language from Chairman Jerome Powell. While he said it would be “premature” for the Fed to claim a victory over inflation, Powell said the “disinflationary process has started.” He also said the economy could be in for a soft landing, after all: “My base case is that there will be positive growth this year.” The three major indices all finished higher Wednesday.

There’s no deal over the debt ceiling yet, but President Joe Biden, a Democrat, and House Speaker Kevin McCarthy, a Republican, got the ball rolling Wednesday. Both sides expressed cautious optimism over the talks as they try to prevent the United States’ first ever default on its debt, which could be catastrophic for the economy. “We have different perspectives. But we both laid out some of our vision of where we’d want to get to. And I believe, after laying them both out, I can see where we can find common ground,” McCarthy told reporters. The Treasury Department, meanwhile, has taken steps to avoid default at least until early June.

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 $3.498 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) reported earnings on 1/13/23 before the market open with $3.57, beating estimates of $3.109 per share.

UnitedHealth (UNH) reported earnings on 1/13/23 before the market open with $5.34, beating estimates of $5.17 per share.

Goldman Sachs (GS) reported earnings on 1/17/23 before the market open with $3.32, missing estimates of $5.48 per share.

Procter & Gamble (PG) reported earnings on 1/19/23 before the market open with $1.59, beating estimates of $1.579 per share.

3M (MMM) reported earnings on 1/24/23 before the market open with $2.349, beating estimates of $2.28 per share.

Johnson & Johnson (JNJ) reported earnings on 1/24/23 before the market open with $2.22, missing estimates of $2.35 per share.

Travelers (TRV) reported earnings on 1/24/23 before the market open with $3.40, meeting estimates of $3.40 per share.

Microsoft (MSFT) reported earnings on 1/24/23 after the market close with $2.32, beating estimates of $2.27 per share.

Verizon (VZ) reported earnings on 1/24/23 after the market close with $1.19, missing estimates of $1.202 per share.

Boeing (BA) reported earnings on 1/25/23 before the market open with -$1.75, missing estimates of $0.05 per share.

IBM (IBM) reported earnings on 1/25/23 after the market close with $3.60, missing estimates of $43.60 per share.

Dow (DOW) reported earnings on 1/26/23 before the market open with $0.46, missing estimates of $0.569 per share.

Intel (INTC) reported earnings on 1/26/23 after the market close with $0.10, missing estimates of $0.201 per share.

Visa (V) reported earnings on 1/26/23 after the market close with $2.18, beating estimates of $2.007 per share.

American Express (AXP) reported earnings on 1/27/23 before the market open with $2.07, missing estimates of $2.183 per share.

Chevron (CVX) reported earnings on 1/27/23 before the market open with $4.09, missing estimates of $4.158 per share.

McDonald’s (MCD) reported earnings on 1/31/23 before the market open with $2.59, beating estimates of $2.455 per share.

Caterpillar (CAT) reported earnings on 1/31/23 before the market open with $3.86, missing estimates of $3.945 per share.

Amgen (AMGN) reported earnings on 1/31/23 after the market close with $4.09, beating estimates of $4.036 per share.

Honeywell (HON) reports earnings on 2/2/23 before the market open.

Merck (MRK) reports earnings on 2/2/23 before the market open.

Apple (AAPL) reports earnings on 2/2/23 after the market close.

Disney(DIS) reports earnings on 2/8/23 after the market close.

Today’s Featured Dow Stock

Caterpillar (CAT)

Caterpillar (CAT) 249.54 (-1.09%) is up +4.17% in 2023.

Financial Calendar

07:30 AM ET Challenger Job Cuts (Jan), 43.651K
07:30 AM ET Challenger Job Cuts (YoY), 129.1%
08:30 AM ET Continuing Jobless Claims, 1,677K, 1,675K
08:30 AM ET Initial Jobless Claims, 200K, 186K
08:30 AM ET Jobless Claims 4-Week Avg., 197.50K
08:30 AM ET Nonfarm Productivity (QoQ) (Q4), 2.4%, 0.8%
08:30 AM ET Unit Labor Costs (QoQ) (Q4), 1.5%, 2.4%
10:00 AM ET Durables Excluding Defense (MoM) (Dec), 6.3%
10:00 AM ET Durables Excluding Transport (MoM) (Dec), -0.1%
10:00 AM ET Factory Orders (MoM) (Dec), 2.3%, -1.8%
10:00 AM ET Factory orders ex transportation (MoM) (Dec), -0.8%
10:30 AM ET Natural Gas Storage, -142B, -91B
11:30 AM ET 4-Week Bill Auction, 4.500%
11:30 AM ET 8-Week Bill Auction, 4.525%