The Dow Market Happenings For Thursday, June 22, 2023 – UnitedHealth (UNH) 476.75 Down -10.08% 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 -91 points.

Wednesday the Dow closed down -102.35 (-0.30%) at 33,951.52.

Year-to-date the Dow is up +2.43%.

Wednesday, (12) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Wednesday were led by UnitedHealth (UNH) 476.75 (+1.57%), Procter & Gamble (PG) 149.44 (+0.86%) and Merck (MRK) 111.16 (+0.84%).

The Dow stock losers Wednesday were led by Intel (INTC) 32.90 (-6.00%), Salesforce (CRM 209.59 (-3.40%) and Walgreens (WBA) 31.56 (-2.56%).

The VIX closed Wednesday at 13.20 (-4.90%) and the 10 YR at 3.729 (+0.30%). The VIX is currently at 13.86 (+5.00%). The 10YR is at 3.775 (+1.53%).

Powell on Wednesday reinforced the notion that the Fed isn’t done hiking rates this year, even after holding off on an increase this month. Inflation is still too high, he told the House Financial Services Committee. The Fed targets an annual inflation rate of 2%. According to the consumer price index for May, inflation excluding energy and food had fallen to a 5.3% annual rate. “Inflation has moderated somewhat since the middle of last year,” Powell said. “Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go.” Powell is set to head back to Capitol Hill on Thursday, when he’s scheduled to speak to the Senate Banking Committee.

Initial jobless claims were unchanged last week, but still a bit higher than economists had expected. First-time filings for unemployment benefits totaled 264,000 for the week ended June 17, the Labor Department reported Thursday. That was above the 256,000 estimate from Dow Jones. Continuing claims edged lower to 1.759 million, below the 1.782 million FactSet estimate.

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

The national average price of gasoline is up three-tenths of a cent at $3.584 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

UnitedHealth (UNH)

UnitedHealth (UNH) 476.75 (+1.57%) is down -10.08% in 2023.

Financial Calendar

04:00 AM ET Fed Waller Speaks
08:30 AM ET Chicago Fed National Activity (May), 0.00, 0.07
08:30 AM ET Continuing Jobless Claims, 1,782K, 1,775K
08:30 AM ET Current Account (Q1), -216.9B, -206.8B
08:30 AM ET Initial Jobless Claims, 260K, 262K
08:30 AM ET Jobless Claims 4-Week Avg., 242.01K, 246.75K
09:55 AM ET FOMC Member Bowman Speaks
10:00 AM ET Existing Home Sales (MoM) (May), -3.4%
10:00 AM ET Existing Home Sales (May), 4.25M, 4.28M
10:00 AM ET Fed Chair Powell Testifies
10:00 AM ET FOMC Member Mester Speaks
10:00 AM ET US Leading Index (MoM) (May), -0.8%, -0.6%
10:30 AM ET Natural Gas Storage, 88B, 84B
11:00 AM ET Crude Oil Inventories, 1.873M, 7.919M
11:00 AM ET EIA Refinery Crude Runs (WoW), -0.061M
11:00 AM ET Crude Oil Imports, -0.048M, -0.814M
11:00 AM ET Cushing Crude Oil Inventories, 0.618M, 1.554M
11:00 AM ET Distillate Fuel Production, 0.020M, -0.255M
11:00 AM ET EIA Weekly Distillates Stocks, -0.001M, 2.123M
11:00 AM ET Gasoline Production, 0.031M, 0.106M
11:00 AM ET Heating Oil Stockpiles, 0.368M, 1.405M
11:00 AM ET EIA Weekly Refinery Utilization Rates (WoW), -2.1%
11:00 AM ET Gasoline Inventories, 1.091M, 2.108M
11:00 AM ET KC Fed Composite Index (Jun), -5, -1
11:00 AM ET KC Fed Manufacturing Index (Jun), -11, -2
11:30 AM ET 4-Week Bill Auction, 5.010%
11:30 AM ET 8-Week Bill Auction, 5.080%
13:00 PM ET 5-Year TIPS Auction, 1.320%
16:30 PM ET Fed’s Balance Sheet, 8,388B
16:30 PM ET FOMC Member Barkin Speaks
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.306T

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