The Dow Market Happenings For Wednesday, May 3, 2023 – UnitedHealth (UNH) 493.39 Down -6.94% YTD

Dow stocks hitting 52-week highs include Microsoft (MSFT) 305.41 (-0.05%) and Merck (MRK) 117.87 (+1.33%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +14 points.

Tuesday the Dow closed down -367.17 (-1.08%) at 33,684.53.

Year-to-date the Dow is up +1.62%.

Tuesday, (3) Dow stocks were up, none were at 52-week lows and (2) were at 52-week highs.

The Dow stock winners Tuesday were Merck (MRK) 117.89 (+1.33%), Johnson & Johnson (JNJ) 165.03 (+0.87%) and McDonald’s (MCD) 298.07 (+0.16%).

The Dow stock losers Tuesday were led by Chevron (CVX) 160.04 (-4.31%), American Express (AXP) 153.25 (-3.81%) and Walgreens (WBA) 33.50 (-3.21%).

The VIX closed Tuesday at 17.78 (+10.57%) and the 10 YR at 3.419 (-0.12%). The VIX is currently at 17.93 (+0.84%). The 10YR is at 3.386.

The Fed is scheduled to release its latest policy announcement at 2 p.m. ET. Chair Jerome Powell is also set to hold a news conference at 2:30 p.m. ET.

It’s almost a given that the Federal Reserve will raise rates by 25 basis points. The tough part will be figuring out what comes next. Does the Fed signal that it’s done hiking, or will it leave open the option of tightening even more if it judges that more needs to be done to fight inflation?

Private sector payroll growth in April was much stronger than expected, with companies adding 296,000 jobs, ADP reported Wednesday. The gain was well above both the 142,000 posted in March and the 133,000 Dow Jones estimate. Wages grew at a 6.7% annual pace, down from recent months, the firm added. Job gains were biggest in leisure and hospitality and education and health services, while finance and manufacturing both reported losses.

WTI Crude (JUN) prices fell 3.07%, hitting a low of $69.46 as of 7:28 a.m. ET Wednesday. This marked WTI Crude’s lowest price level since Mar. 27, when it traded as low as $69.13. WTI Crude is down almost 9.5% week to date, on pace for its worst week since Mar. 17, when it lost almost 13%.

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

The national average price of gasoline is down one cent at $3.586 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

UnitedHealth (UNH)

UnitedHealth (UNH) 493.39 (-0.47%) is down -6.94% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.55%
07:00 AM ET MBA Mortgage Applications (WoW), 3.7%
07:00 AM ET MBA Purchase Index, 169.1
07:00 AM ET Mortgage Market Index, 216.9
07:00 AM ET Mortgage Refinance Index, 457.6
08:15 AM ET ADP Nonfarm Employment Change (Apr), 148K, 145K
09:45 AM ET S&P Global Composite PMI (Apr), 53.5, 52.3
09:45 AM ET Services PMI (Apr), 53.7, 52.6
10:00 AM ET ISM Non-Manufacturing Business Activity (Apr), 54.5, 55.4
10:00 AM ET ISM Non-Manufacturing Employment (Apr), 52.6, 51.3
10:00 AM ET ISM Non-Manufacturing New Orders (Apr), 57.0, 52.2
10:00 AM ET ISM Non-Manufacturing PMI (Apr), 51.8, 51.2
10:00 AM ET ISM Non-Manufacturing Prices (Apr), 59.9, 59.5
10:30 AM ET Crude Oil Inventories, -1.100M, -5.054M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.011M
10:30 AM ET Crude Oil Imports, 1.589M, -0.166M
10:30 AM ET Cushing Crude Oil Inventories, 0.745M, 0.319M
10:30 AM ET Distillate Fuel Production, -0.019M, -0.081M
10:30 AM ET EIA Weekly Distillates Stocks, -1.084M, -0.576M
10:30 AM ET Gasoline Production, 0.042M, 0.541M
10:30 AM ET Heating Oil Stockpiles, 0.114M, 0.151M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.3%, 0.3%
10:30 AM ET Gasoline Inventories, -1.157M, -2.408M
14:00 PM ET FOMC Statement
14:00 PM ET Fed Interest Rate Decision, 5.25%, 5.00%
14:30 PM ET FOMC Press Conference

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