The Dow Market Happenings For Tuesday, July 11, 2023 – Chevron (CVX) 155.25 Down -13.50% 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 +123 points.

Monday the Dow closed up +209.52 (+0.62%) at 33,944.40.

Year-to-date the Dow is up +2.40%.

Monday, (23) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Monday were led by Intel (INTC) 32.74 (+2.79%), Amgen (AMGN) 224.73 (+2.78%) and Home Depot (HD) 310.28 (+2.47%).

The Dow stock losers Monday were led by Verizon (VZ) 35.14 (-2.12%), Microsoft (MSFT) 331.82 (-1.60%) and Travelers (TRV) 169.07 (-1.50%).

The VIX closed Monday at 15.07 (+1.62%) and the 10 YR at 3.988 (-0.25%). The VIX is currently at 14.85 (-1.46%). The 10YR is at 3.967 (-0.78%).

The June consumer price index report is set for release Wednesday and the June producer price index is due out Thursday. Investors believe we will get another quarter-point increase at the Federal Reserve’s July 25-26 meeting. However, they are undecided about what the central bank will do at its September meeting after last week’s continued robust jobs data raised concern that policymakers will revert to raising rates following the June pause.

Salesforce (CRM) shares gained 3.8% Tuesday during premarket trading. The company announced it would raise prices by about 9% across its cloud-based offerings, which include Sales Cloud, Service Cloud and Marketing Cloud. Similar price increases will go into effect for other offerings, including its engagement platform and Tableau. The price increases are set to take effect in August.

3M (MMM) shares rallied 2% after being upgraded to neutral from underperform by Bank of America. The bank said 3M has positive catalysts ahead related to litigation settlements, restructuring and the planned spin-off for the health care business.

JPMorgan (JPM) added 1.2% in premarket trading after an upgrade from Jefferies to buy from hold on Tuesday. The firm also labeled JPMorgan Chase as “best-in-class.”

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

The national average price of gasoline is down two-tenths of a cent at $3.541 per gallon.

Earnings Reports

Walgreens (WBA) reported earnings on 6/27/2023 before the market open with $1.00, missing estimates of $1.069 per share.

Nike (NKE) reported earnings on 6/29/2023 after the market close with $0.66, missing estimates of $0.672 per share.

JPMorgan (JPM) reports earnings on 7/14/2023 before the market open.

UnitedHealth (UNH) reports earnings on 7/14/2023 before the market open.

Goldman Sachs (GS) reports earnings on 7/19/2023 before the market open.

IBM (IBM) reports earnings on 7/19/2023 after the market close.

Johnson & Johnson (JNJ) reports earnings on 7/20/2023 before the market open.

Travelers (TRV) reports earnings on 7/20/2023 before the market open.

American Express (AXP) reports earnings on 7/21/2023 before the market open.

Today’s Featured Dow Stock

Chevron (CVX)

Chevron (CVX) 155.25 (+0.67%) is down -13.50% in 2023.

Financial Calendar

06:00 AM ET NFIB Small Business Optimism (Jun), 89.9, 89.4
08:55 AM ET Redbook (YoY), 0.7%
09:00 AM ET FOMC Member Bullard Speaks
10:00 AM ET IBD/TIPP Economic Optimism, 45.3, 41.7
11:30 AM ET 52-Week Bill Auction, 4.930%
12:00 AM ET EIA Short-Term Energy Outlook
13:00 AM ET 3-Year Note Auction, 4.202%
16:30 AM ET API Weekly Crude Oil Stock, -4.382M

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