DJIA Market Happenings For Tuesday, May 2, 2023 – Travelers (TRV) 181.76 Down -3.06% YTD

Dow stocks hitting 52-week highs include McDonald’s (MCD) 297.58 (+0.62%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -101 points.

Monday the Dow closed down -46.46 (-0.14%) at 34,051.70.

Year-to-date the Dow is up +2.73%.

Monday, (11) Dow stocks were up, none were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Monday were led by JPMorgan (JPM) 141.20 (+2.14%), Nike (NKE) 127.92 (+0.95%) and Merck (MRK) 116.34 (+0.75%).

The Dow stock losers Monday were led by Intel (INTC) 30.30 (-2.45%), Walgreens (WBA) 34.61 (-1.82%) and Boeing (BA) 203.87 (-1.41%).

The VIX closed Monday at 16.08 (+1.90%) and the 10 YR at 3.550 (-0.28%). The VIX is currently at 16.65 (+3.54%). The 10YR is at 3.540.

The Federal Reserve’s policy-making board begins its two-day meeting Tuesday, with just about everyone on Wall Street expecting the central bank to hike its benchmark rate Wednesday. That would mark the tenth rate increase for the Fed since last year, as Chairman Jerome Powell and crew have tightened policy to fight inflation. Recent shocks in the banking sector, however, have pushed the Fed to take an even sharper wait-and-see approach. Many market observers think the likely quarter-point hike Wednesday will likely be it for a while. Powell’s press conference after the announcement will likely provide more clues about what the Fed will do next.

Treasury Secretary Janet Yellen on Monday wrote to House Speaker Kevin McCarthy to tell him that the U.S. could run out of money to pay its bills as early as June 1. Her letter added more pressure to a process already fraught with partisan tension. McCarthy has sought large spending cuts in exchange for raising the debt limit into next year, in the thick of the 2024 campaign. President Joe Biden, likewise, has refused to negotiate on the limit, saying he would talk about spending in a separate context. The president called McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell to the White House for a pivotal meeting May 9 to try and hash it out.

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

The national average price of gasoline is down 1.4 cents at $3.596 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) reported earnings on 4/21/23 before the market open with $1.37, beating estimates of $1.317per share.

Coca Cola (KO) reported earnings on 4/24/23 before the market open with $0.68, beating estimates of $0.647 per share.

3M (MMM) reported earnings on 4/25/23 before the market open with $1.97, beating estimates of $1.602per share.

Dow (DOW) reports earnings on 4/25/23 before the market open with $0.58, beating estimates of $0.369 per share.

Verizon (VZ) reports earnings on 4/25/23 before the market open with $1.20, beating estimates of $1.192 per share.

Microsoft (MSFT) reported earnings on 4/25/23 after the market close with $2.45, beating estimates of $2.216 per share.

Visa (V) reported earnings on 4/25/23 after the market close with $2.09, beating estimates of $1.969per share.

McDonald’s (MCD) reported earnings on 4/25/23 before the market open with $2.45, beating estimates of $2.307 per share.

Boeing (BA) reported earnings on 4/26/23 before the market open with -$1.27, beating estimates of $0.981 per share.

Caterpillar (CAT) reported earnings on 4/27/23 before the market open with $4.91, beating estimates of $3.786 per share.

Merck (MRK) reported earnings on 4/27/23 before the market open with $1.40, beating estimates of $1.341 per share.

Honeywell (HON) reported earnings on 4/27/23 before the market open with $2.07, beating estimates of $1.927 per share.

Amgen (AMGN) reported earnings on 4/27/23 after the market close with $3.98, beating estimates of $3.838 per share.

Intel (INTC) reported earnings on 4/27/23 after the market close with -$0.04, beating estimates of -$0.157 per share.

Chevron (CVX) reported earnings on 4/28/23 before the market open with $3.55, beating estimates of $3.362 per share.

Apple (AAPL) reports earnings on 5/4/23 after the market close.

Disney (DIS) reports earnings on 5/10/23 after the market close.

Cisco (CSCO) reports earnings on 5/17/23 after the market close.

Walmart (WMT) reports earnings on 5/18/23 before the market open.

Today’s Featured Dow Stock

Travelers (TRV)

Travelers (TRV) 181.76 (+0.34%) is down -3.06% in 2023.

Financial Calendar

10:00 AM ET Durables Excluding Defense (MoM) (Mar), 3.5%
10:00 AM ET Durables Excluding Transport (MoM) (Mar), 0.3%
10:00 AM ET Factory Orders (MoM) (Mar), 1.1%, -0.7%
10:00 AM ET Factory orders ex transportation (MoM) (Mar), -0.3%
10:00 AM ET JOLTs Job Openings (Mar), 9.775M, 9.931M
16:30 PM ET API Weekly Crude Oil Stock, -6.083M

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