The Dow Market Happenings For Wednesday, May 17, 2023 – Salesforce (CRM) 204.56 Up +54.28% YTD

Dow stocks hitting 52-week highs include Microsoft (MSFT) 311.74 (+0.74%). Dow stock 52-week lows include 3M (MMM) 98.01 (-2.47%).

The Market

Premarket today, the Dow was indicated to open up +154 points.

Tuesday the Dow closed down -336.46 (-1.01%).

Year-to-date the Dow is down -0.41%.

Tuesday, (3) Dow stocks were up, (1) was at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Tuesday were Microsoft (MSFT) 311.74 (+0.74%), Salesforce (CRM) 204.56 (+0.60%) and IBM (IBM) 123.46 (+0.08%).

The Dow stock losers Tuesday were led by Nike (NKE) 116.48 (-2.80%), 3M (MMM) 98.01 (-2.47%) and Amgen (AMGN) 227.88 (-2.42%).

The VIX closed Tuesday at 17.99 (+5.08%) and the 10 YR at 3.533 (-0.34%). The VIX is currently at 17.58 (-2.28%). The 10YR is at 3.520 (-0.71%).

Concerns over a potential default has weighed on markets recently. The Dow is down more than 3% this month, including a 1% decline on Tuesday. Treasury Secretary Janet Yellen has said government needs to raise the limit immediately as the country faces the possibility of defaulting as early as June 1.

On Tuesday, President Joe Biden and Vice President Kamala Harris met with the big four congressional leaders as they work toward averting the first-ever default in U.S. history. While the sides remain distant on their respective demands, they’ve devised a new negotiation framework that involves direct talks between two top Biden aides and an ally of House Speaker Kevin McCarthy. Biden on Wednesday is set to travel to Japan for the Group of Seven Summit, but he will cut his overall trip to the Asia-Pacific region short while negotiations continue ahead of the early June deadline to raise the debt ceiling. “There was an overwhelming consensus I think in today’s meeting with congressional leaders that defaulting on the debt is simply not an option,” Biden said. House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.”

The Dow Tuesday closed below the 50-day moving average for the first time since March 30. The 30-stock index fell 336.46 points, or 1.01%, to close at 33,012.14. It closed below its 50-day moving average level of 33,143.18, but it has slipped below that threshold on an intraday basis. The 50-day moving average is a short-term technical indicator of where an asset or an index is trading. A close below that level may signal a potential change toward the downside.

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

The national average price of gasoline is up one-tenth of a cent at $3.532 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

Salesforce (CRM)

Salesforce (CRM) 204.56 (+.0.60%) is up +54.28% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.48%
07:00 AM ET MBA Mortgage Applications (WoW), 6.3%
07:00 AM ET MBA Purchase Index, 173.7
07:00 AM ET Mortgage Market Index, 227.8
07:00 AM ET Mortgage Refinance Index, 507.1
08:30 AM ET Building Permits (MoM) (Apr), -7.7%
08:30 AM ET Building Permits (Apr), 1.437M, 1.430M
08:30 AM ET Housing Starts (Apr), 1.400M, 1.420M
08:30 AM ET Housing Starts (MoM) (Apr), -0.8%
10:30 AM ET Crude Oil Inventories, -0.920M, 2.951M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.010M
10:30 AM ET Crude Oil Imports, -0.389M, 1.018M
10:30 AM ET Cushing Crude Oil Inventories, 0.864M, 0.397M
10:30 AM ET Distillate Fuel Production, 0.039M, 0.030M
10:30 AM ET EIA Weekly Distillates Stocks, 0.057M -4.170M
10:30 AM ET Gasoline Production, -0.107M, 0.445M
10:30 AM ET Heating Oil Stockpiles, -0.417M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.5%, 0.3%
10:30 AM ET Gasoline Inventories, -1.060M, -3.168M
13:00 PM ET 20-Year Bond Auction, 3.920%

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