Dow stocks hitting 52-week highs include Cisco (CSCO) 55.24 (-1.32%). Dow stock 52-week lows include Disney (DIS) 82.47 (-3.91%) and Walgreens (WBA) 25.32 (-4.60%).

The Market

Premarket today, the Dow was indicated to be up +163 points.

Thursday the Dow closed down -373.56 (-1.08%) at 34,099.42.

Year-to-date the Dow is up +2.87%.

Thursday, (6) Dow stocks were up, (2) were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Thursday were led by Verizon (VZ) 33.38 (+0.57%), Travelers (TRV) 161.84 (+0.57%) and Johnson & Johnson (JNJ) 165.09 (+0.34%).

The Dow stock losers Thursday were led by Boeing (BA) 217.31 (-4.93%), Walgreens (WBA) 25.32 (-4.60%) and Intel (INTC) 32.59 (-4.09%).

The VIX closed Thursday at 17.20 (+7.63%) and the 10 YR at 4.237 (+0.93%). The VIX is currently at 16.86 (-1.98%). The 10YR is at 4.240 (+0.17%).

Markets are pricing in a higher probability that the Federal Reserve will raise interest rates once more this year. Traders in the fed funds futures market pushed the odds for an increase at the November meeting to 50.8% on Friday morning, just ahead of Fed Chair Jerome Powell’s speech in Jackson Hole. That’s up from 49.3% on Thursday and well ahead of the 36.1% chance a week ago. The likelihood of a hold in September is still high, at 80.5%.

Fed chief Jerome Powell will give a policy speech at 10:05 a.m. on Friday at the annual Jackson Hole symposium. Fed chief Powell is likely to signal patience, while still leaving the door open to further rate hikes. He’ll also likely push back on the prospects for rate cuts. With inflation still too high but coming down, policymakers see less urgency to act.

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

The national average price of gasoline is down nine-tenths of a cent at $3.828 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) reported earnings on 8/9/2023 after the market close with $1.03, beating estimates of $0.985 per share.

Home Depot (HD) reported earnings on 8/15/2023 before the market open with $4.65, beating estimates of $4.457 per share.

Cisco (CSCO) reported earnings on 8/16/2023 after the market close with $1.14, beating estimates of $0.948 per share.

Walmart (WMT) reported earnings on 8/17/2023 before the market open with $1.84, beating estimates of $1.692 per share.

Salesforce (CRM) reports earnings on 8/30/2023 after the market close.

Today’s Featured Dow Stock

Goldman Sachs (GS)

Goldman Sachs (GS) 319.96 (-0.743%) is down -6.82% in 2023.

Financial Calendar

08:00 AM ET Jackson Hole Symposium
10:00 AM ET Michigan 5-Year Inflation Expectations (Aug), 2.9%, 3.0%
10:00 AM ET Michigan Consumer Expectations (Aug), 67.3, 68.3
10:00 AM ET Michigan Consumer Sentiment (Aug), 71.2, 71.6
10:00 AM ET Michigan Current Conditions (Aug), 77.4, 76.6
10:00 AM ET Michigan Inflation Expectations (Aug), 3.3%, 3.4%
10:05 AM ET Fed Chair Powell Speaks
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 520
13:00 PM ET U.S. Baker Hughes Total Rig Count, 642
16:30 PM ET CFTC Aluminium speculative net positions, 5.9K
16:30 PM ET CFTC Copper speculative net positions, -25.7K
16:30 PM ET CFTC Corn speculative net positions, -27.0K
16:30 PM ET CFTC Crude Oil speculative net positions, 242.1K
16:30 PM ET CFTC Gold speculative net positions, 121.1K
16:30 PM ET CFTC Nasdaq 100 speculative net positions, 5.2K
16:30 PM ET CFTC Natural Gas speculative net positions, -95.2K
16:30 PM ET CFTC S&P 500 speculative net positions, -118.4K
16:30 PM ET CFTC Silver speculative net positions, 7.9K
16:30 PM ET CFTC Soybeans speculative net positions, 65.3K
16:30 PM ET CFTC Wheat speculative net positions, -31.9K