DJIA Market Happenings For Thursday, April 6, 2023 – Johnson & Johnson (JNJ) 165.61 Down -6.25% YTD

Dow stocks hitting 52-week highs include McDonald’s (MCD) 282.02 (-0.09%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -14 points.

Wednesday the Dow closed up +80.34 (+0.24%) at 33,482.72.

Year-to-date the Dow is up +1.01%.

Wednesday, (17) Dow stocks were up, none were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Wednesday were led by Johnson & Johnson (JNJ) 165.61 (+4.49%), UnitedHealth (UNH) 509.23 (+3.24%) and Merck (MRK) 111.91 (+2.83%).

The Dow stock losers Wednesday were led by Nike (NKE) 120.90 (-2.26%), Home Depot (HD) 288.67 (-2.13%) and Boeing (BA) 210.00 (-1.82%).

The VIX closed Wednesday at 19.08 (+0.42). The VIX is currently at 19.67 (+3.09%). The 10YR is at 3.278.

The latest weekly jobless claims came in higher than expected, adding to recent signals that pointed to slowing job growth. The expansion in private payrolls was well below expectations in March, ADP said earlier this week. Meanwhile, the number of available positions fell below 10 million in February, a first in almost two years. Job cuts have soared by nearly fivefold so far this year from a year ago.

Jobless claims totaled 228,000 for the week ended April 1, as signs build that the labor market is coming under pressure, the Labor Department reported Thursday. The total actually represented a decline of 18,000 from the week before, following seasonal revisions that took the initially reported number up by 48,000 to 246,000. Economists surveyed by Dow Jones had been looking for 200,000 from Thursday’s report. Continuing claims, which run a week behind, edged higher to 1.823 million, the highest since December 2021. The report comes a day ahead of the department’s nonfarm payrolls count, which is expected to show a gain of 238,000 for March.

Today finishes off a shortened trading week with the market closed for Good Friday, but investors will still closely monitor March jobs report Friday morning. The labor market has remained hot despite layoffs across tech and financial sectors, making the Fed’s job to combat inflation harder.

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

The national average price of gasoline is up 2.5 cents at $3.553 per gallon.

Earnings Reports

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JPMorgan (PM) reports earnings on 4/14/23 before the market open.

UnitedHealth (UNH) reports earnings on 4/14/23 before the market open.

Goldman Sachs (GS) reports earnings on 4/18/23 before the market open.

Johnson & Johnson (JNJ) reports earnings on 4/18/23 before the market open.

Travelers (TRV) reports earnings on 4/19/23 before the market open.

IBM (IBM) reports earnings on 4/19/23 after the market close.

Today’s Featured Dow Stock

Johnson & Johnson (JNJ)

Johnson & Johnson (JNJ) 165.61 (+4.49%) is down -6.25% in 2023.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), 319.4%, 148.0%, 410.1%
07:30 AM ET Challenger Job Cuts (Mar), 89.703K, 65.000K, 77.770K
08:30 AM ET Continuing Jobless Claims, 1,699K, 1,689K
08:30 AM ET Initial Jobless Claims, 200K, 198K
08:30 AM ET Jobless Claims 4-Week Avg., 196.50K, 198.25K
10:00 AM ET FOMC Member Bullard Speaks
10:00 AM ET IBD/TIPP Economic Optimism, 47.0, 46.9
10:30 AM ET Natural Gas Storage, -21B, -47B
11:30 AM ET 4-Week Bill Auction, 4.600%
11:30 AM ET 8-Week Bill Auction, 4.600%
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 592
13:00 PM ET U.S. Baker Hughes Total Rig Count, 755
16:30 PM ET Fed’s Balance Sheet, 8,705.94B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.401T

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