DJIA Market Happenings For Monday, December 4, 2023 – 3M (MMM) 99.85 Down -16.74% YTD

Dow stocks hitting 52-week highs include Salesforce (CRM) 260.00 (+3.22%), IBM (IBM) 160.55 (+1.26%), Visa (V) 256.45 (-0.09%) and UnitedHealth (UNH) 547.16 (-0.71%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -178 points.

Friday the Dow closed up +294.61 (+0.82%) at 36,245.50.

Year-to-date the Dow is up +9.35%.

Friday, (23) Dow stocks were up, none were at 52-week lows and (4) were at 52-week highs.

The Dow stock winners Friday were led by Walgreens (WBA) 20.79 (+4.26%), Nike (NKE) 113.48 (+3.26%) and Salesforce (CRM) 260.00 (+3.22%).

The Dow stock losers Friday were led by Intel (INTC) 43.74 (-2.15%), Microsoft (MSFT) 374.51 (-1.16%) and Walmart (WMT) 154.34 (-0.87%).

The VIX closed Friday at 12.63 (-2.24%) and the 10 YR at 4.233 (+0.14%). The VIX is currently at 13.50 (+6.89%). The 10YR is at 4.268 (+0.044%).

Wall Street hopes stocks can sustain a steady climb this week after a stellar November. The Dow Jones Industrial Average has now rose for five straight weeks. The November jobs data due Friday will play a major role in whether the run continues. The number will help to determine whether the Federal Reserve will keep interest rates steady at its policy meeting next week or consider cutting them next year.

Gold prices touched a record high Monday before giving up some ground. Spot gold rose above $2,100 an ounce as the metal’s price continues a steady climb.

Market pricing indicated a more than 70% chance of a rate cut starting March next year, according to the CME FedWatch Tool. Moreover, futures are pointing to cuts totaling 1.25 percentage points by the end of the year, the equivalent of five quarter percentage point reductions. The Fed’s next meeting and last of the year is Dec. 12-13. The central bank enacted a series of 11 interest rate hikes, taking its policy rate to the highest in 22 years at a target range between 5.25%-5.5%.

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

The national average price of gasoline is up one-tenth of a cent at $3.242 per gallon.

Earnings Reports

Salesforce (CRM) reported earnings 11/29/23 after the close with $2.11, beating estimates of $1.512 per share.

Today’s Featured Dow Stock

3M (MMM)

3M (MMM) 99.85 (+0.79%) is down -16.74% in 2023.

Financial Calendar

10:00 AM ET Durables Excluding Defense (MoM) (Oct), -6.7%
10:00 AM ET Durables Excluding Transport (MoM) (Oct), 0.4%
10:00 AM ET Factory Orders (MoM) (Oct), -2.6%, 2.8%
10:00 AM ET Factory orders ex transportation (MoM) (Oct), 0.8%
11:30 AM ET 3-Month Bill Auction, 5.280%
11:30 AM ET 6-Month Bill Auction, 5.240%

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