The Dow Market Happenings For Thursday, May 11, 2023 – Amgen (AMGN) 234.11 Down -10.86% YTD

Dow stocks hitting 52-week highs include Salesforce (CRM) 204.85 (+1.82%) and Microsoft (MSFT) 312.31 (+1.73%). Dow stock 52-week lows include 3M (MMM) 100.90 (+0.10%).

The Market

Premarket today, the Dow was indicated to open down -219 points.

Wednesday the Dow closed down -56.88 (-0.17%) at 33,561.81.

Year-to-date the Dow is up +1.25%.

Wednesday, (14) Dow stocks were up, (1) was at 52-week lows and (2) were at 52-week highs.

The Dow stock winners Wednesday were led by Salesforce (CRM) 204.85 (+1.82%), Microsoft (MSFT) 312.31 (+1.73%) and Apple (AAPL) 173.555 (+1.04%).

The Dow stock losers Wednesday were led by American Express (AXP) 148.68 (-3.06%), Chevron (CVX) 157.09 (-1.28%) and Nike (NKE) 123.51 (-1.27%).

The VIX closed Wednesday at 16.94 (-4.35%) and the 10 YR at 3.431 (-0.12%). The VIX is currently at 17.80 (+5.08%). The 10YR is at 3.445 (-2.39%).

The producer price index, the Federal Reserve’s preferred inflation gauge that measures wholesale prices, increased just 0.2% in April. Economists estimated PPI would advance 0.3% last month. The PPI data follows the consumer price index report from Wednesday, which showed inflation rose 4.9% year-over-year, below expectations.

Initial jobless claims grew by 22,000 for the week ending May 6 to 264,000, the Department of Labor said on Thursday. The latest jobless data was the highest reading since Oct. 30, 2021.

Disney (DIS) shares fell more than 5% after the media giant released its fiscal second-quarter results. While higher prices helped its streaming division to narrow its losses, it dealt a harsh blow to subscriber growth, shedding 4 million Disney+ subscribers. The company also announced it would take on impairment charges of $1.5 billion to $1.8 billion as it removes more content from its streaming platforms.

Treasury Secretary Janet Yellen said the idea of U.S. lawmakers letting the nation default on its debt should be “unthinkable.” Speaking to reporters ahead of the G-7 finance ministers and central bank governors meetings in Niigata, Japan, Yellen said she was aware of former President Donald Trump’s suggestion for Republican lawmakers to let the nation to default. “America should never default,” she said. “Something that would so badly undermine the U.S. and global economy, I think it should be regarded by everyone as unthinkable.”

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

The national average price of gasoline is up eight-tenths of a cent at $3.539 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) reported earnings on 5/4/23 after the market close with $1.52, beating estimates of $1.438 per share.

Disney (DIS) reported earnings on 5/10/23 after the market close with $0.93, beating estimates of $0.893 per share.

Home Depot (HD) reports earnings on 5/16/23 before the market open.

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

Amgen (AMGN)

Amgen (AMGN) 234.11 (-0.14%) is down -10.86% in 2023.

Financial Calendar

07:00 AM ET OPEC Monthly Report
08:30 AM ET Continuing Jobless Claims, 1,820K, 1,805K
08:30 AM ET Core PPI (MoM) (Apr), 0.2%, -0.1%
08:30 AM ET Core PPI (YoY) (Apr), 3.3%, 3.4%
08:30 AM ET Initial Jobless Claims, 245K, 242K
08:30 AM ET Jobless Claims 4-Week Avg., 220.35K, 239.25K
08:30 AM ET PPI ex. Food/Energy/Transport (YoY) (Apr), 3.6%
08:30 AM ET PPI (MoM) (Apr), 0.3%, -0.5%
08:30 AM ET PPI ex. Food/Energy/Transport (MoM) (Apr), 0.1%
08:30 AM ET PPI (YoY) (Apr), 2.4%, 2.7%
10:15 AM ET Fed Waller Speaks
10:30 AM ET Natural Gas Storage, 74B, 54B
11:30 AM ET 4-Week Bill Auction, 5.840%
11:30 AM ET 8-Week Bill Auction, 5.400%
13:00 PM ET 30-Year Bond Auction, 3.661%

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