The Dow Market Happenings For Thursday, April 20, 2023 – JPMorgan (JPM) 141.22 Up +5.31% YTD

Dow stocks hitting 52-week highs include McDonald’s (MCD) 291.27 (+0.12%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -177 points.

Wednesday the Dow closed down -79.63 (-0.23%) at 33,897.01.

Year-to-date the Dow is up +2.26%.

Wednesday, (15) 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 Travelers (TRV) 182.57 (+6.15%), Johnson & Johnson (JNJ) 162.57 (+0.94%) and Goldman Sachs (GS) 336.89 (+0.89%).

The Dow stock losers Wednesday were led by Cisco (CSCO) 48.04 (-4.51%), UnitedHealth (UNH) 486.20 (-3.62%) and Disney (DIS) 98.75 (-2.16%).

The VIX closed Wednesday at 16.46 (-2.20%). The VIX is currently at 17.49 (+6.26%). The 10YR is at 3.547.

Weekly jobless claims were higher than expected while manufacturing activity in the Philadelphia region contracted more than expected, according to economic data released Thursday. Initial filings for unemployment insurance totaled 245,000 for the week ended April 15, an increase of 5,000 from the previous week and higher than the estimated 240,000. Continuing claims, which run a week behind, increased by 61,000 to 1.865 million, higher than the outlook for 1.85 million.

Treasury yields fell on Thursday as investors assessed interest rate outlook. The yield on the 10-year Treasury was down by 4 basis points to 3.56%. The 2-year Treasury, most sensitive to monetary policy, dipped 6 basis points to 4.20%. Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.

New York Fed President John Williams said Wednesday that inflation remains an issue for the U.S. economy, though he didn’t provide specifics on where he thinks policy should go. “Inflation is still too high, and we will use our monetary policy tools to restore price stability,” Williams said in a speech at New York University. Markets widely expect the Fed to hike rates another quarter percentage point at its next meeting, and Williams did not rebut that view. Along with his comments on inflation, Williams noted that the banking system has “stabilized” following the tumult in March and said he doesn’t expect the economy to tilt into recession.

American Express (AXP) shares traded near the flatline after the credit card issuer missed profit expectations for the recent quarter. The company reported earnings of $2.40, falling short of an estimate for $2.603 per share. Despite the EPS miss, and an environment defined by higher rates and inflation, American Express surpassed revenue expectations. Revenue jumped 22% year over year. “Our customers have been resilient thus far in the face of slower macroeconomic growth, elevated inflation and higher interest rates, with credit performance remaining best-in-class,” said Stephen Squeri, the company’s chairman and CEO in a press release. “That said, we’re mindful of the mixed signals in the external environment.” American Express reaffirmed EPS guidance for the full year and revenue growth expectations, expected to range between 15% and 17%.

IBM (IBM) advanced 2.3% after hours following a mixed first-quarter earnings report. The company reported adjusted earnings per share of $1.36, beating the consensus estimate of analysts by 10 cents. But IBM’s $14.25 billion in quarterly revenue was under the $14.35 billion figure anticipated.

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

The national average price of gasoline is up two-tenths of a cent at $3.686 per gallon.

Earnings Reports

JPMorgan (JPM) reported earnings on 4/14/23 before the market open with $4.10, beating estimates of $3.414 per share.

UnitedHealth (UNH) reported earnings on 4/14/23 before the market open with $6.26, beating estimates of $6.238 per share.

Goldman Sachs (GS) reported earnings on 4/18/23 before the market open with $8.79, beating estimates of $8.10 per share.

Johnson & Johnson (JNJ) reported earnings on 4/18/23 before the market open with $2.68, beating estimates of $2.506 per share.

Travelers (TRV) reported earnings on 4/19/23 before the market open with $4.11, beating estimates of $3.636 per share.

IBM (IBM) reported earnings on 4/19/23 after the market close with $1.36, beating estimates of $1.273 per share.

American Express (AXP) reported earnings on 4/20/23 before the market open with $2.40, missing estimates of $2.603 per share.

Procter & Gamble (PG) reports earnings on 4/21/23 before the market open.

Coca Cola (KO) reports earnings on 4/24/23 before the market open.

3M (MMM) reports earnings on 4/25/23 before the market open.

Dow (DOW) reports earnings on 4/25/23 before the market open.

Verizon (VZ) reports earnings on 4/25/23 before the market open.

Microsoft (MSFT) reports earnings on 4/25/23 after the market close.

Visa (V) reports earnings on 4/25/23 after the market close.

McDonald’s (MCD) reports earnings on 4/25/23 before the market open.

Boeing (BA) reports earnings on 4/26/23 before the market open.

Caterpillar (CAT) reports earnings on 4/27/23 before the market open.

Merck (MRK) reports earnings on 4/27/23 before the market open.

Honeywell (HON) reports earnings on 4/27/23 before the market open.

Amgen (AMGN) reports earnings on 4/27/23 after the market close.

Intel (INTC) reports earnings on 4/27/23 after the market close.

Today’s Featured Dow Stock

JPMorgan (JPM)

JPMorgan (JPM) 141.22 (-0.13%) is up +5.31% in 2023.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,820K, 1,810K
08:30 AM ET Initial Jobless Claims, 240K, 239K
08:30 AM ET Jobless Claims 4-Week Avg., 255.15K, 240.00K
08:30 AM ET Philadelphia Fed Manufacturing Index (Apr), -19.2, -23.2
08:30 AM ET Philly Fed Business Conditions (Apr), -8.0
08:30 AM ET Philly Fed CAPEX Index (Apr), -3.80
08:30 AM ET Philly Fed Employment (Apr), -10.3
08:30 AM ET Philly Fed New Orders (Apr), -28.2
08:30 AM ET Philly Fed Prices Paid (Apr), 23.50
10:00 AM ET Existing Home Sales (MoM) (Mar), 5.0%, 14.5%
10:00 AM ET Existing Home Sales (Mar), 4.50M, 4.58M
10:00 AM ET US Leading Index (MoM) (Mar), -0.6%, -0.3%
10:30 AM ET Natural Gas Storage, 69B, 25B
11:30 AM ET 4-Week Bill Auction, 4.030%
11:30 AM ET 8-Week Bill Auction, 4.790%
12:00 AM ET Fed Waller Speaks
13:00 AM ET 5-Year TIPS Auction, 1.504%
14:00 AM ET Beige Book
15:00 AM ET FOMC Member Bowman Speaks

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