The Dow Market Happenings For Friday, September 1, 2023 – Johnson & Johnson (JNJ) 161.68 Down -8.47% YTD

Dow stocks hitting 52-week highs include Cisco (CSCO) 57.35 (+0.95%) and Walmart (WMT) 162.61 (+0.87%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +182 points.

Thursday the Dow closed Down -168.33 (-0.48%) at 34,721.91.

Year-to-date the Dow is up +4.75%.

Thursday, (9) Dow stocks were up, none were at 52-week lows and (2) were at 52-week highs.

The Dow stock winners Thursday were led by Sales force (CRM) 221.46 (+2.99%), 3M (MMM) 106.67 (+2.13%) and Intel (INTC) 35.14 (+1.77%).

The Dow stock losers Thursday were led by UnitedHealth (UNH) 476.58 (-3.04%), Boeing (BA) 224.03 (-2.11%) and American Express (AXP) 157.99 (-1.36%).

The VIX closed Thursday at 13.57 (-2.23%) and the 10 YR at 4.099 (+0.22%). The VIX is currently at 13.23 (-2.51%). The 10YR is at 4.093 (+0.07%).

The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode. Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday. However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022, and estimates for previous months showed sharp downward revision. That increase in the jobless level came as the labor force participation rate rose to 62.8%, the highest since February 2020, just before the Covid pandemic declaration. A more encompassing unemployment measure that counts discouraged workers as well as those working part-time for economic reasons jumped to 7.1%, a 0.4 percentage point increase and the highest since May 2022. Average hourly earnings increased 0.2% for the month and 4.3% from a year ago. Both were below respective forecasts of 0.3% and 4.4% and another possible sign that inflation pressures are easing.

The Federal Trade Commission on Friday said its struck a deal allowing Amgen (AMGN) to move forward with its acquistion of Horizon Therapeutics totaling $27.8 billion. It’s shares are up this morning.

Walgreens (WBA) said on Friday that chief executive Rosalind Brewer was stepping down as of Thursday. Brewer also stepped down from the Walgreens board of directors, the company said. Current lead independent director Ginger Graham would assume the chief executive role, the company added. Walgreens also updated full-year guidance, and now expects adjusted earnings per share to match or hit the lower end of its previous forecast of $4 to $4.05.

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

The national average price of gasoline is down seven-tenths of a cent at $3.818 per gallon.

Earnings Reports

There are no Dow stocks set to report earnings in the near term.

Today’s Featured Dow Stock

Johnson & Johnson (JNJ)

Johnson & Johnson (JNJ) 161.68 (-1.25%) is down -8.47% in 2023.

Financial Calendar

08:30 AM ET Average Hourly Earnings (MoM) (Aug), 0.3%, 0.4%
08:30 AM ET Average Hourly Earnings (YoY) (YoY) (Aug), 4.4%, 4.4%
08:30 AM ET Average Weekly Hours (Aug), 34.3, 34.3
08:30 AM ET Government Payrolls (Aug), -2.0K, 15.0K
08:30 AM ET Manufacturing Payrolls (Aug), 0K, -2K
08:30 AM ET Nonfarm Payrolls (Aug), 170K, 187K
08:30 AM ET Participation Rate (Aug), 62.6%, 62.6%
08:30 AM ET Private Nonfarm Payrolls (Aug), 150K, 172K
08:30 AM ET U6 Unemployment Rate (Aug), 6.8%, 6.7%
08:30 AM ET Unemployment Rate (Aug), 3.5%, 3.5%
09:45 AM ET S&P Global US Manufacturing PMI (Aug), 47.0, 49.0
10:00 AM ET Construction Spending (MoM) (Jul), 0.5%, 0.5%
10:00 AM ET ISM Manufacturing Employment (Aug), 44.2, 44.4
10:00 AM ET ISM Manufacturing New Orders Index (Aug), 47.3
10:00 AM ET ISM Manufacturing PMI (Aug), 47.0, 46.4
10:00 AM ET ISM Manufacturing Prices (Aug), 43.9, 42.6
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 512
13:00 PM ET U.S. Baker Hughes Total Rig Count, 632
16:30 PM ET CFTC Aluminium speculative net positions, 5.9K
16:30 PM ET CFTC Copper speculative net positions, -24.6K
16:30 PM ET CFTC Corn speculative net positions, -51.5K
16:30 PM ET CFTC Crude Oil speculative net positions, 234.4K
16:30 PM ET CFTC Gold speculative net positions, 101.9K
16:30 PM ET CFTC Nasdaq 100 speculative net positions, 13.8K
16:30 PM ET CFTC Natural Gas speculative net positions, -107.3K
16:30 PM ET CFTC S&P 500 speculative net positions, -133.5K
16:30 PM ET CFTC Silver speculative net positions, 12.9K
16:30 PM ET CFTC Soybeans speculative net positions, 66.1K
16:30 PM ET CFTC Wheat speculative net positions, -34.8K

Both comments and pings are currently closed.

Comments are closed.