DJIA Market Happenings For Monday, June 12, 2023 – McDonald’s (MCD) 286.79 Up +8.83% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +38 points.

Friday the Dow closed up +43.17 (+0.13%) at 33,876.78.

Year-to-date the Dow is up +2.20%.

Friday, (17) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Friday were led by Salesforce (CRM) 215.31 (+2.76%), UnitedHealth (UNH) 493.62 (+0.69%) and IBM (IBM) 135.30 (+0.66%).

The Dow stock losers Friday were led by Dow (DOW) 51.74 (-1.97%), Intel (INTC) 31.34 (-1.51%) and Walgreens (WBA) 31.42 (-1.35%).

The VIX closed Friday at 13.83 (+1.32%) and the 10 YR at 3.740 (-0.05%). The VIX is currently at 13.64 (-0.07%). The 10YR is at 3.739 (+0.81%).

This week will be busy with news. Tuesday we get CPI, Wednesday comes the FOMC meeting announcement and PPI data. Thursday we get Retail Sales data.

Markets have come to expect that the Fed will skip another rate increase at this week’s meeting, with traders Monday morning pricing in a 76% chance that there will be no hike. Tuesday’s inflation data could help reinforce the case that inflation is subsiding, as economists expect the consumer price index to show inflation dropping to a 4% annual rate in May. That’s down from 4.9% in the prior month.

That said, the market also expects that Fed officials will emphasize a commitment to keep inflation at bay and come back with a final rate increase at July’s meeting before going on hold for the rest of the year. The central bank has raised rates 10 times. If rates are paused this time, I personally don’t think they will come back with another increase in July. Guess we shall see.

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

The national average price of gasoline is up four-tenths of a cent at $3.594 per gallon.

Earnings Reports

There are no Dow stocks set to report earnings in the near term.

Today’s Featured Dow Stock

McDonald’s (MCD)

McDonald’s (MCD) 286.79 (+0.35%) is up +8.83% in 2023.

Financial Calendar

11:00 AM ET Consumer Inflation Expectations, 4.4%
11:30 AM ET 3-Month Bill Auction, 5.220%
11:30 AM ET 6-Month Bill Auction, 5.250%
13:00 PM ET 10-Year Note Auction, 3.448%
13:00 PM ET 3-Year Note Auction, 3.695%
14:00 PM ET Federal Budget Balance (May), 176.0B

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