Dow stocks hitting 52-week highs include Salesforce (CRM) 209.38 (+2.36%) and Microsoft (MSFT) 314.00 (+0.72%). Dow stock 52-week lows include 3M (MMM) 100.18 (+2.21%) and Amgen (AMGN) 225.02 (-1.26%).

The Market

Premarket today, the Dow was indicated to open down -116 points.

Wednesday the Dow closed up +408.63 (+1.24%) at 33,420.77.

Year-to-date the Dow is up +0.83%.

Wednesday, (22) Dow stocks were up, (2) were at 52-week lows and (2) were at 52-week highs.

The Dow stock winners Wednesday were led by Home Depot (HD) 292.39 (+3.56%), JPMorgan (JPM) 138.45 (+3.07%) and Boeing (BA) 206.87 (+2.99%).

The Dow stock losers Wednesday were led by Amgen (AMGN) 225.02 (-1.26%), Intel (INTC) 28.87 (-1.20%) and Merck (MRK) 114.76 (-1.14%).

The VIX closed Wednesday at 16.87 (-6.23%) and the 10 YR at 3.558 (-0.50%). The VIX is currently at 17.07 (+1.19%). The 10YR is at 3.622 (+1.29%).

President Joe Biden and House Speaker Kevin McCarthy agree on one thing: They think the United States government won’t default on its debt. Both leaders said as much Wednesday, with just a few weeks to go before the U.S. is set to run out of cash to pay its bills. Negotiations between the White House and McCarthy’s camp have intensified, and they will need to produce some kind of deal within days in order for Congress to pass a bill and get it to Biden’s desk ahead of a default, which economists estimate could result in millions of jobs lost and a big hit to the U.S. gross domestic product.

Walmart (WMT) boosted its outlook for the year as the largest U.S. retailer continued to benefit from consumers’ focus on necessities like groceries over items like televisions. The discounter also beat Wall Street’s expectations on the top and bottom lines, as revenue jumped nearly 8% for the post-holiday quarter. E-commerce sales in the U.S. jumped 27%.

Initial jobless claims unexpectedly declined last week, indicating the labor market still has some tightness. First-time filings for the week ended May 13 totaled 242,000, a drop of 22,000 from the previous week and below the Dow Jones estimate for 250,000, the Labor Department reported. Continuing claims nudged lower to 1.799 million, against the FactSet estimate for 1.829 million.

Cisco (CSCO) shares dipped nearly 4% despite the company reporting an earnings and revenue beat for the fiscal third quarter. Cisco posted adjusted earnings of $1 per share and $14.57 billion in revenue. Analysts had estimated 97 cents earnings per share and $14.39 billion in revenue.

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

The national average price of gasoline is up four-tenths of a cent at $3.536 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) reported earnings on 5/17/23 after the market close with $1.00, beating estimates of $0.865 per share.

Walmart (WMT) reported earnings on 5/18/23 before the market open with $1.47, beating estimates of $1.321per share.

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 47.63 (+1.51%) is down -0.02% in 2023.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,818K, 1,813K
08:30 AM ET Initial Jobless Claims, 254K, 264K
08:30 AM ET Jobless Claims 4-Week Avg., 245.94K, 245.25K
08:30 AM ET Philadelphia Fed Manufacturing Index (May), -19.8, -31.3
08:30 AM ET Philly Fed Business Conditions (May), -11.3, -1.5
08:30 AM ET Philly Fed CAPEX Index (May), 2.30, -5.40
08:30 AM ET Philly Fed Employment (May), -5.2, -0.2
08:30 AM ET Philly Fed New Orders (May), -25.7, -22.7
08:30 AM ET Philly Fed Prices Paid (May), 8.10, 8.20
09:05 AM ET Fed Governor Jefferson Speaks
09:30 AM ET Fed Barr Testimony
10:00 AM ET Existing Home Sales (Apr), 4.30M, 4.44M
10:00 AM ET Existing Home Sales (MoM) (Apr), 0.1%, -2.4%
10:00 AM ET Fed Logan Speaks
10:00 AM ET US Leading Index (MoM) (Apr), -0.6%, -1.2%
10:30 AM ET Natural Gas Storage, 108B, 78B
11:30 AM ET 4-Week Bill Auction, 5.605%
11:30 AM ET 8-Week Bill Auction, 4.680%
13:00 PM ET 10-Year TIPS Auction, 1.182%
16:30 PM ET Fed’s Balance Sheet, 8,503B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.225T