DJIA Market Happenings For Tuesday, May 16, 2023 – Caterpillar (CAT) 211.29 Down -11.80% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include 3M (MMM) 100.49 (+0.22%).

The Market

Premarket today, the Dow was indicated to open down -103 points.

Monday the Dow closed up +47.98 (+0.14%) at 33,348.60.

Year-to-date the Dow is up +0.61%.

Monday, (19) Dow stocks were up, (1) was at 52-week lows and none were at 52-week highs.

The Dow stock winners Monday were led by Intel (INTC) 29.80 (+2.94%), American Express (AXP) 150.00 (+1.40%) and Walgreens WBA) 31.50 (+1.38%).

The Dow stock losers Monday were led by Verizon (VZ) 36.77 (-2.18%), UnitedHealth (UNH) 486.86 (-0.89%) and Walmart (WMT) 151.88 (-0.78%).

The VIX closed Monday at 17.12 (+0.53%) and the 10 YR at 3.502 (+1.30%). The VIX is currently at 17.49 (+2.16%). The 10YR is at 3.543 (+1.14%).

President Joe Biden might be optimistic about the direction of talks to raise or suspend the debt ceiling, but his Republican foil, House Speaker Kevin McCarthy, doesn’t think things have gotten better since they met last week. While White House and congressional staff have met daily in a bid to hammer out a deal to avoid a debt default, on the surface, at least, it doesn’t look like there’s been much progress ahead of Tuesday afternoon’s planned meeting between Biden, McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell. Time is running short. Treasury Secretary Janet Yellen on Monday reaffirmed that the U.S. is on track to run out of money to pay its bills as soon as June 1.

Home Depot (HD) reported earnings, and it’s not great. While the bottom line barely beat Wall Street’s expectations, revenue came up short. In fact, it was the home improvement retailer’s second consecutive revenue miss after previously posting 12 consecutive beats. Home Depot also lowered its same-store sales estimate for the year to a decline of 2% to 5%. Before, it had expected the metric to stay effectively flat.

Retail sales increased less than expected in April as a decline at gas stations hit the headline number, the Commerce Department reported Tuesday. Spending rose 0.4% for the month, below the Dow Jones estimate for 0.8%. The numbers are not adjusted for inflation, so the monthly gain, combined with the 0.4% increase in the consumer price index, showed that spending just kept up with inflation pace. Excluding auto-related components, sales rose 0.4%, in line with expectations. A 0.8% decrease in gas station sales held back the total, as did a 3.3% decline at sporting goods, musical and book stores. Miscellaneous stores and online sales led gainers.

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

The national average price of gasoline is down four-tenths of a cent at $3.531 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) reported earnings on 5/16/23 before the market open with $3.82, beating estimates of $3.80 per share.

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

Caterpillar (CAT)

Caterpillar (CAT) 211.29 (+0.84%) is down -11.80% in 2023.

Financial Calendar

08:15 USD FOMC Member Mester Speaks
08:30 USD Core Retail Sales (MoM) (Apr), 0.4%, -0.4%
08:30 USD Retail Control (MoM) (Apr), 0.3%, -0.3%
08:30 USD Retail Sales (YoY) (Apr), 4.20%, 2.94%
08:30 USD Retail Sales (MoM) (Apr), 0.8%, -0.6%
08:30 USD Retail Sales Ex Gas/Autos (MoM) (Apr), 0.2%, -0.3%
08:55 USD FOMC Member Bostic Speaks
08:55 USD Redbook (YoY), 1.3%
09:15 USD Capacity Utilization Rate (Apr), 79.7%, 79.8%
09:15 USD Industrial Production (YoY) (Apr), 0.53%
09:15 USD Industrial Production (MoM) (Apr), -0.1%, 0.4%
09:15 USD Manufacturing Production (MoM) (Apr), 0.1%, -0.5%
10:00 USD Business Inventories (MoM) (Mar), 0.1%, 0.2%
10:00 USD Fed Barr Testimony
10:00 USD NAHB Housing Market Index (May), 45, 45
10:00 USD Retail Inventories Ex Auto (Mar), 0.4%, 0.4%
11:30 USD 52-Week Bill Auction, 4.530%
12:15 USD FOMC Member Williams Speaks
15:15 USD Fed Logan Speaks
16:30 USD API Weekly Crude Oil Stock, 3.618M
19:00 USD FOMC Member Bostic Speaks

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