Dow stocks hitting 52-week highs include Walmart (WMT) 160.65 (+0.10%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +9 points.

Tuesday the Dow closed down -158.64 (-0.45%) at 35,314.49.

Year-to-date the Dow is up +6.54%.

Tuesday, (10) Dow stocks were up, none were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Tuesday were led by Amgen (AMGN) 2560.80 (+3.11%), Disney (DIS) 88.13 (+1.50%) and Apple (AAPL) 179.80 (+0.53%).

The Dow stock losers Tuesday were Salesforce (CRM) 211.58 (-2.07%), Goldman Sachs (GS) 348.26 (-2.05%) and Travelers (TRV) 167.88 (-1.32%).

The VIX closed Tuesday at 15.99 (+1.40%) and the 10 YR at 4.015 (-1.28%). The VIX is currently at 15.74 (-1.56%). The 10YR is at 4.015 (+0.02%).

Philadelphia Fed President Patrick Harker, a voter this year on the rate-setting Federal Open Market Committee, thinks the Federal Reserve may be done hiking interest rates. He cautioned that his prediction was based on current data and could change, but said “I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.” He also said he believes any rate cuts are unlikely. The Fed has hiked rates 11 times since March 2022, bringing them to their highest level in more than 22 years.

Applications for a mortgage to purchase a home dropped 3% for the week and were 27% lower than the same week one year ago. High mortgage rates are not only making it harder to afford a home it’s keeping current homeowners in place. Today’s homeowners who have mortgages are paying interest rates in the 3% to 4% range and are putting off a move because they don’t want to pay twice that on another home. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.09% from 6.93%, with points rising to 0.70 from 0.68 (including the origination fee) for loans with a 20% down payment. The average rate for jumbo loans hit 7.04%.

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

The national average price of gasoline is up one-tenth of a cent at $3.825 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) reported earnings on 7/14/2023 before the market open with $4.75, beating estimates of $3.615 per share.

UnitedHealth (UNH) reports earnings on 7/14/2023 before the market open with $6.14, beating estimates of $5.921 per share.

Goldman Sachs (GS) reported earnings on 7/19/2023 before the market open with $3.08, missing estimates of $3.245 per share.

IBM (IBM) reported earnings on 7/19/2023 after the market close with $2.18, beating estimates of $2.002 per share.

Johnson & Johnson (JNJ) reported earnings on 7/20/2023 before the market open with $2.80, beating estimates of $2.614 per share.

Travelers (TRV) reported earnings on 7/20/2023 before the market open with $0.06, missing estimates of $2.273 per share.

American Express (AXP) reports earnings on 7/21/2023 before the market open with $2.88, beating estimates of $2.801 per share.

Dow (DOW) reported earnings on 7/25/2023 before the market open with $0.68, missing estimates of $0.699 per share.

3M (MMM) reported earnings on 7/25/2023 before the market open with $2.17, beating estimates of $1.648 per share.

Verizon (VZ) reported earnings on 7/25/2023 before the market open with $1.21, beating estimates of $1.17 per share.

Microsoft (MSFT) reported earnings on 7/25/2023 after the market close with $2.69, beating estimates of $2.544per share.

Visa (V) reported earnings on 7/25/2023 after the market close with $2.16, beating estimates of $2.109 per share.

Coca Cola (KO) reported earnings on 7/26/2023 before the market open with $0.78, beating estimates of $0.716 per share.

Boeing (BA) reported earnings on 7/26/2023 before the market open with $-0.82, beating estimates of $-0.986 per share.

Honeywell (HON) reported earnings on 7/27/2023 before the market open with $2.23, beating estimates of $2.201 per share.

McDonald’s (MCD) reported earnings on 7/27/2023 before the market open with $3.17, beating estimates of $2.772 per share.

Intel (INTC) reported earnings on 7/27/2023 after the market close with $0.13, beating estimates of $-0.189 per share.

Chevron (CVX) reports earnings on 7/28/2023 after the market close with $3.08, beating estimates of $2.95 per share.

Procter & Gamble (PG) reports earnings on 7/28/2023 after the market close with $1.37, beating estimates of $1.321 per share.

Caterpillar (CAT) reported earnings on 8/1/2023 before the market open with $5.55, beating estimates of $4.513 per share.

Merck (MRK) reported earnings on 8/1/2023 before the market open with $-2.06, beating estimates of $-2.165 per share.

Amgen (AMGN) reported earnings on 8/3/2023 after the market close with $5.00, beating estimates of $4.436 per share.

Apple (AAPL) reported earnings on 8/3/2023 after the market close with $1.26, beating estimates of $1.188 per share.

Disney (DIS) reports earnings on 8/9/2023 after the market close.

Home Depot (HD) reports earnings on 8/15/2023 before the market open.

Cisco (CSCO) reports earnings on 8/16/2023 after the market close.

Walmart (WMT) reports earnings on 8/17/2023 before the market open.

Today’s Featured Dow Stock

Walgreens (WBA)

Walgreens (WBA) 29.53 (-1.17%) is down -20.96% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.93%
07:00 AM ET MBA Mortgage Applications (WoW), -3.0%
07:00 AM ET MBA Purchase Index, 154.1
07:00 AM ET Mortgage Market Index, 200.7
07:00 AM ET Mortgage Refinance Index, 433.6
08:55 AM ET Redbook (YoY), 0.1%
10:30 AM ET Crude Oil Inventories, -0.233M, -17.049M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.039M
10:30 AM ET Crude Oil Imports, 2.173M, -0.391M
10:30 AM ET Cushing Crude Oil Inventories, -1.783M, -1.259M
10:30 AM ET Distillate Fuel Production, 0.000M, 0.080M
10:30 AM ET EIA Weekly Distillates Stocks, -0.167M, -0.796M
10:30 AM ET Gasoline Production, -0.056M, 0.341M
10:30 AM ET Heating Oil Stockpiles, 0.361M, 0.230M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -0.7%
10:30 AM ET Gasoline Inventories, 0.217M, 1.480M
12:00 PM ET Thomson Reuters IPSOS PCSI (Aug), 54.41
13:00 PM ET 10-Year Note Auction, 3.857%