DJIA Market Happenings For Wednesday, December 6, 2023 – Microsoft (MSFT) 372.52 Up +55.33% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +90 points.

Tuesday the Dow closed down -79.88 (-0.22%) at 36,124.56.

Year-to-date the Dow is up +8.98%.

Tuesday, (14) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were led by Apple (AAPL) 193.42 (+2.11%), Merck (MRK) 106.23 (+1.11%) and Verizon (VZ) 38.42 (+1.00%).

The Dow stock losers Tuesday were led by Procter & Gamble (PG) 146.76 (-3.49%), Goldman Sachs (GS) 341.75 (-2.19%) and Dow (DOW) 51.14 (-1.84%).

The VIX closed Tuesday at 12.85 (-1.76%) and the 10 YR at 4.189 (+0.43%). The VIX is currently at 12.71 (-1.09%). The 10YR is at 4.153 (-0.018%).

ADP reports private payrolls grew by 103,000 workers in November, below the downwardly revised 106,000 in October and a 128,000 estimate.

Stock futures took a leg up Wednesday morning following the release of Labor Department data on unit labor costs falling more than economists forecasted while productivity increased at a higher rate than anticipated. These releases came after the ADP report. Labor costs fell more than previously estimated as productivity showed higher gains, the Labor Department reported Wednesday in revised estimates for the third quarter Unit labor costs, a measure of wages to output, fell 1.2% in the July-through-September period, more than the initial -0.8% estimate last month and the -0.9% Dow Jones forecast. Productivity, or output per hour, revved higher by 5.2% for the same period, compared to the 4.7% initial estimate in November and the 4.9% Dow Jones expectation.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxOil prices fell to their lowest levels since early July as recently announced OPEC+ production cuts fail to halt the decline. The West Texas Intermediate contract for January fell $1.06, or 1.47%, to $71.26, while the Brent contract for February dropped $1.04, or 1.35%, to $76.16 a barrel. That marks the lowest price for both since July 7. Record production in the U.S. and demand concerns in China have put downward pressure on prices. OPEC+ last week announced supply cuts of 2.2 million barrels per day for the first quarter of 2024 in an effort to boost prices, but traders are skeptical the group will deliver on the voluntary cuts.

Apple (AAPL) shares were little changed before the bell after rising 2% during Tuesday’s session to finish above a $3 trillion market capitalization for the first time since August. The iPhone maker officially crossed $3 trillion for the first time in June and briefly touched that level in 2022.

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

The national average price of gasoline is down 1.3 cents at $3.216 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

Microsoft (MSFT)

Microsoft (MSFT) 372.52 (+0.92%) is up +55.33% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.37%
07:00 AM ET MBA Mortgage Applications (WoW), 0.3%
07:00 AM ET MBA Purchase Index, 144.9
07:00 AM ET Mortgage Market Index, 176.1
07:00 AM ET Mortgage Refinance Index, 327.8
08:15 AM ET ADP Nonfarm Employment Change (Nov), 130K, 113K
08:30 AM ET Exports, 261.10B
08:30 AM ET Imports, 322.70B
08:30 AM ET Nonfarm Productivity (QoQ) (Q3), 4.9%, 3.5%
08:30 AM ET Trade Balance (Oct), -64.20B, -61.50B
08:30 AM ET Unit Labor Costs (QoQ) (Q3), -0.9%, 2.2%
09:00 AM ET Milk Auctions, 3,268.0
10:30 AM ET Crude Oil Inventories, -1.354M, 1.609M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.518M
10:30 AM ET Crude Oil Imports, -0.665M
10:30 AM ET Cushing Crude Oil Inventories, 1.854M
10:30 AM ET Distillate Fuel Production, 0.060M
10:30 AM ET EIA Weekly Distillates Stocks, 1.526M, 5.217M
10:30 AM ET Gasoline Production, -0.035M
10:30 AM ET Heating Oil Stockpiles, 0.003M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 2.8%
10:30 AM ET Gasoline Inventories, 1.027M, 1.764M
11:30 AM ET Atlanta Fed GDPNow (Q4), 1.2%, 1.2%

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