DJIA Market Happenings For Wednesday, June 21, 2023 – Travelers (TRV) 175.56 Down -5.97% 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 down -98 points.

Tuesday the Dow closed down -245.25 (-0.72%) at 34,053.87.

Year-to-date the Dow is up +2.74%.

Tuesday, (5) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were led by Salesforce (CRM) 216.97 (+2.46%), UnitedHealth (UNH) 469.39 (+2.38%) and Merck (MRK) 110.23 (+0.83%).

The Dow stock losers Tuesday were led by Intel (INTC) 35.00 (-3.77%), Nike (NKE) 109.54 (-3.57%) and Boeing (BA) 212.37 (-3.46%).

The VIX closed Tuesday at 13.88 (-2.18%) and the 10 YR at 3.721 (-0.03%). The VIX is currently at 13.70 (-1.30%). The 10YR is at 3.748 (+0.70%).

Fed chief Jerome Powell testifies before the House Financial Services Committee at 10 a.m. ET, then appear before the Senate Banking Committee on Thursday. Last week, the Fed left interest rates steady, but signaled two more rate hikes are coming this year. Markets largely expect a hike in either July or September but do not expect a second hike by year-end.

Federal Reserve Chairman Jerome Powell on Wednesday said he and his colleagues expect more interest rate increases ahead as inflation is still too high. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” he said in prepared remarks for a hearing before the House Financial Services Committee. Powell noted that “nearly all” policymakers figure additional hikes will be needed to bring inflation closer in line to the Fed’s 2% target.

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

The national average price of gasoline is up four-tenths of a cent at $3.581 per gallon.

Earnings Reports

Walgreens (WBA) reports earnings on 6/27/2023 before the market open.

Nike (NKE) reports earnings on 6/29/2023 after the market close.

Today’s Featured Dow Stock

Travelers (TRV)

Travelers (TRV) 175.56 (-0.67%) is down -5.97% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.77%
07:00 AM ET MBA Mortgage Applications (WoW), 7.2%
07:00 AM ET MBA Purchase Index, 163.2
07:00 AM ET Mortgage Market Index, 208.8
07:00 AM ET Mortgage Refinance Index, 434.1
08:55 AM ET Redbook (YoY), 0.4%
10:00 AM ET Fed Chair Powell Testifies
10:00 AM ET Fed Governor Cook Testifies
10:00 AM ET Fed Governor Jefferson Testifies
11:40 AM ET Fed Goolsbee Speaks
13:00 PM ET 20-Year Bond Auction, 3.954%
16:00 PM ET FOMC Member Mester Speaks
16:30 PM ET API Weekly Crude Oil Stock, 1.024M

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