The Dow Market Happenings For Wednesday, November 22, 2023 – Honeywell (HON) 191.24 Down -10.76% YTD

Dow stocks hitting 52-week highs include Visa (V) 252.23 (+0.90%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +60 points.

Tuesday the Dow closed down -62.75 (-0.18%) at 35,118.04.

Year-to-date the Dow is up +5.86%.

Tuesday, (11) 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 Travelers (TRV) 175.06 (+1.72%), Verizon (VZ) 37.25 (+1.42%) and Coca Cola (KO) 58.03 (+1.10%).

The Dow stock losers Tuesday were led by Intel (INTC) 43.64 (-2.46%), Goldman Sachs (GS) 334.97 (-1.32%) and Microsoft (MSFT) 373.07 (-1.16%).

The VIX closed Tuesday at 13.35 (-0.45%) and the 10 YR at 4.407 (-0.25%). The VIX is currently at 12.92 (-3.22%). The 10YR is at 4.393 (-0.25%).

Markets were down yesterday as Federal Reserve officials released minutes from their most recent meeting indicating that Fed policy will need to remain “restrictive” amid concerns that inflation could be stubborn or tick higher.

Israel and Hamas have agreed to a hostage deal and a humanitarian pause in Gaza that will last for at least four days. The pause will allow more humanitarian convoys and relief aid to enter Gaza, including much-needed fuel. Under the terms of the deal, 50 civilian women and children hostages who are currently held in the Palestinian enclave will be released. In exchange, Israel will release a number of Palestinian women and children prisoners.

Initial jobless claims for the week ended Nov. 18 came in at 209,000, down 24,000 from the previous week. That print is also 20,000 less than a consensus estimate.

As interest rates continue to drop, mortgage demand is starting to climb higher. Total mortgage application volume gained 3% last week from the prior week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.41% from 7.61% and points decreased to 0.62 from 0.67 (including the origination fee) for loans with a 20% down payment.

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

The national average price of gasoline is down 1.4 cents at $3.281 per gallon.

Earnings Reports

Salesforce (CRM) reports earnings 11/30/23 after the close.

Today’s Featured Dow Stock

Honeywell (HON)

Honeywell (HON) 191.24 (-0.29%) is down -10.76% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.61%
07:00 AM ET MBA Mortgage Applications (WoW), 2.8%
07:00 AM ET MBA Purchase Index, 133.2
07:00 AM ET Mortgage Market Index, 170.5
07:00 AM ET Mortgage Refinance Index, 354.3
08:30 AM ET Continuing Jobless Claims, 1,865K
08:30 AM ET Core Durable Goods Orders (MoM) (Oct), 0.1%, 0.5%
08:30 AM ET Durable Goods Orders (MoM) (Oct), -3.2% 4.7%
08:30 AM ET Durables Excluding Defense (MoM) (Oct), 5.7%
08:30 AM ET Goods Orders Non Defense Ex Air (MoM) (Oct), 0.1%, 0.6%
08:30 AM ET Initial Jobless Claims, 225K, 231K
08:30 AM ET Jobless Claims 4-Week Avg., 220.25K
10:00 AM ET Michigan 1-Year Inflation Expectations (Nov), 4.4%, 4.2%
10:00 AM ET Michigan 5-Year Inflation Expectations (Nov), 3.2%, 3.0%
10:00 AM ET Michigan Consumer Expectations (Nov), 56.9, 59.3
10:00 AM ET Michigan Consumer Sentiment (Nov), 60.4, 63.8
10:00 AM ET Michigan Current Conditions (Nov), 65.7, 65.7
10:30 AM ET Crude Oil Inventories, 3.592M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.164M
10:30 AM ET Crude Oil Imports, -0.385M
10:30 AM ET Cushing Crude Oil Inventories, 1.925M
10:30 AM ET Distillate Fuel Production, 0.053M
10:30 AM ET EIA Weekly Distillates Stocks, -1.422M
10:30 AM ET Gasoline Production, -0.813M
10:30 AM ET Heating Oil Stockpiles, -0.148M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.9%
10:30 AM ET Gasoline Inventories, -1.540M
11:30 AM ET 4-Week Bill Auction, 5.290%
11:30 AM ET 8-Week Bill Auction, 5.280%
11:30 AM ET Atlanta Fed GDPNow (Q4), 2.0%, 2.0%
12:00 PM ET Natural Gas Storage, 60B
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 500
13:00 PM ET U.S. Baker Hughes Total Rig Count, 618

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