DJIA Market Happenings For Wednesday, May 31, 2023 – Goldman Sachs (GS) 330.83 Down -3.65% YTD

Dow stocks hitting 52-week highs include Apple (AAPL) 177.30 (-1.07%), Salesforce (CRM) 218.87 (+1.59%) and Microsoft (MSFT) 331.21 (-0.50%). Dow stock 52-week lows include 3M (MMM) 96.06 (-0.91%).

The Market

Premarket today, the Dow was indicated to open down -118 points.

Tuesday the Dow closed down -50.56 (-0.15%) at 33,042.78.

Year-to-date the Dow is down -0.32%.

Tuesday, (12) Dow stocks were up, (1) was at 52-week lows and (3) were at 52-week highs.

The Dow stock winners Tuesday were led by Intel (INTC) 29.99 (+3.41%), Salesforce (CRM) 218.87 (+1.59%) and Apple (AAPL) 177.30 (+1.07%).

The Dow stock losers Tuesday were led by Merck (MRK) 109.17 (-1.71%), Procter & Gamble (PG) 143.18 (-1.53%) and Visa (V) 221.64 (-1.50%).

The VIX closed Tuesday at 17.46 (-4.71%) and the 10 YR at 3.668 (-0.60%). The VIX is currently at 18.03 (+3.26%). The 10YR is at 3.660 (-0.81%).

The debt ceiling bill, forged as a compromise between President Joe Biden and House Speaker Kevin McCarthy, is headed for a vote Wednesday night on the floor of the House. The measure cleared a key hurdle Tuesday evening, making it out of the House Rules Committee with a 7-6 vote. McCarthy is facing loud resistance from a group of ultra conservatives in his own party, meaning he’ll have to depend a great deal on Democrats to get the bill to the Senate. There, Democrats have their own slight majority. Time is running short, too. The Treasury Department has warned it could run out of money Monday, just five days away.

Mortgage demand is at its lowest point in three months, according to the Mortgage Bankers Association. Rates shot up again recently, nearly hitting 7% by some measures, as it became clear that the Federal Reserve wasn’t going to cut its benchmark rate any time soon. The supply of homes remains tight, as well, and prices look like they’re going higher again.

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

The national average price of gasoline is down three-tenths of a cent at $3.576 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Goldman Sachs (GS)

Goldman Sachs (GS) 330.83 (-0.36%) is down -3.65% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.69%
07:00 AM ET MBA Mortgage Applications (WoW), -4.6%
07:00 AM ET MBA Purchase Index, 158.3
07:00 AM ET Mortgage Market Index, 205.0
07:00 AM ET Mortgage Refinance Index, 443.0
08:50 AM ET FOMC Member Bowman Speaks
08:55 AM ET Redbook (YoY), 1.5%
09:45 AM ET Chicago PMI (May), 47.0, 48.6
10:00 AM ET JOLTs Job Openings (Apr), 9.775M, 9.590M
10:30 AM ET Dallas Fed Services Revenues (May), 4.2, 6.9
10:30 AM ET Texas Services Sector Outlook (May), -16.0, -14.4
12:30 PM ET FOMC Member Harker Speaks
13:30 PM ET Fed Governor Jefferson Speaks
14:00 PM ET Beige Book
16:30 PM ET API Weekly Crude Oil Stock, -6.799M

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