The Dow Market Happenings For Tuesday, May 23, 2023 – Dow (DOW) 51.77 Up +2.74% YTD

Dow stocks hitting 52-week highs include Microsoft (MSFT) 321.18 (+0.89%). Dow stock 52-week lows include Walgreens (WBA) 31.19 (-0.29%).

The Market

Premarket today, the Dow was indicated to open down -108 points.

Monday the Dow closed down -140.05 (-0.42%) at 33,286.58.

Year-to-date the Dow is up +0.42%.

Monday, (9) Dow stocks were up, (1) was at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Monday were led by 3M (MMM) 101.71 (+2.71%), AMerican Express (AXP) 155.51 (+1.67%) and Intel (INYC) 30.28 (+1.17%).

The Dow stock losers Monday were led by Nike (NKE) 110.18 (-3.99%), Procter & Gamble (PG) 149.16 (-2.62%) and Coca Cola (KO) 61.51 (-2.10%).

The VIX closed Monday at 17.21 (+2.38%) and the 10 YR at 3.714 (-0.05%). The VIX is currently at 17.88 (+3.89%). The 10YR is at 3.735 (+0.51%).

We are a little over a week from when the United States could run out of money to pay its bills, and there’s still no deal in Washington. However, President Joe Biden and House Speaker Kevin McCarthy both said after their meeting Monday evening that they’re cautiously optimistic they can agree on a way to address the debt limit as their sides also sort out a budget compromise. Tuesday and Wednesday will be especially important for a deal to come together. Lawmakers are also up against Memorial Day weekend in a few days, and Congress hates to miss a holiday.

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

The national average price of gasoline is up three-tenths of a cent at $3.543 per gallon.

Earnings Reports

Salesforce (CRM) reports earnings on 5/31/23 after the market close.

Today’s Featured Dow Stock

Dow (DOW)

Dow (DOW) 51.77 (-0.35%) is up +2.74% in 2023.

Financial Calendar

08:00 AM ET Building Permits, 1.416M, 1.430M
08:00 AM ET Building Permits (MoM), -1.5%, -7.7%
08:55 AM ET Redbook (YoY), 1.6%
09:00 AM ET Fed Logan Speaks
09:45 AM ET Manufacturing PMI (May), 50.0, 50.2
09:45 AM ET S&P Global Composite PMI (May), 50.0, 53.4
09:45 AM ET Services PMI (May), 52.6, 53.6
10:00 AM ET New Home Sales (MoM) (Apr), 3.3%, 9.6%
10:00 AM ET New Home Sales (Apr), 663K, 683K
10:00 AM ET Richmond Manufacturing Index (May), -8, -10
10:00 AM ET Richmond Manufacturing Shipments (May), -7
10:00 AM ET Richmond Services Index (May), -29, -23
13:00 PM ET 2-Year Note Auction, 3.969%
13:00 PM ET M2 Money Supply (MoM) (Apr), 20.82T
16:30 PM ET API Weekly Crude Oil Stock, 3.690M

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