The Dow Market Happenings For Wednesday, December 13, 2023 – Visa (V) 259.56 Up +24.93% YTD

Dow stocks hitting 52-week highs include Boeing (BA) 248.63 (+0.22%), IBM (IBM) 164.71 (+0.73%), JPMorgan (JPM) 160.52 (+0.89%) and Visa (V) 259.56 (+1.19%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +74 points.

Tuesday the Dow closed up +173.01 (+0.48%) at 36,577.94.

Year-to-date the Dow is up +10.35%.

Tuesday, (21) Dow stocks were up, none were at 52-week lows and (4) were at 52-week highs.

The Dow stock winners Tuesday were led by Salesforce (CRM) 256.45 (+1.73%), American Express (AXP) 171.04 (+1.57%) and Visa (V) 259.56 (+1.19%).

The Dow stock losers Tuesday were led by Chevron (CVX) 142.50 (-1.28%), Disney (DIS) 91.07 (-1.23%) and Intel (INTC) 44.04 (-1.12%).

The VIX closed Tuesday at 12.07 (-4.43%) and the 10 YR at 4.196 (-0.26%). The VIX is currently at 12.21 (+1.16%). The 10YR is at 4.170 (-0.88%).

At 11 am PDT today we get the FOMC rate decision. While the market doesn’t expect the Fed to do anything with rates Wednesday, investors will focus mainly on what Chair Jerome Powell and his fellow policy makers will say. Economists and analysts think the Fed’s announcement will be a strong indication that the central bank is indeed done with its rate-hiking cycle as the still-strong economy cools off. The central bank is widely anticipated to hold the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range. This time, the Fed will also issue its dot plot, a grid of members’ projections for the fed funds rate. This is where market participants might get some insight on where policymakers stand on the expected timing of cuts. Fed Chair Powell’s press conference, which traders will watch closely, will also offer additional context on the Fed’s decision – as well as where policy may go from here. The event could be a market-moving one.

Wholesale prices were unchanged in November, providing another piece of positive inflation news, according to a Labor Department report Wednesday. The producer price index was unchanged for the month, against an estimate for a 0.1% increase. Excluding food and energy, the index also was flat versus the forecast for a 0.2% increase. Excluding food, energy and trade services, the PPI rose 0.1%. On a year over year basis, the headline index was up just 0.9%; excluding food, energy and trade, it increased 2.5%.

The CBOE Market Volatility Index (VIX) that tracks expected moves in the S&P 500 over the next 30 days but is commonly thought of as Wall Street’s “fear gauge,” dropped another 4.5% to 12.07 on Tuesday, the lowest close since Nov. 2019.

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

The national average price of gasoline is down 1.6 cents at $3.121 per gallon.

Earnings Reports

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

Nike (NKE) reports earnings on 12/21/23 after the close.

Today’s Featured Dow Stock

Visa (V)

Visa (V) 259.56 (+1.19%) is up +24.93% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.17%
07:00 AM ET MBA Mortgage Applications (WoW), 2.8%
07:00 AM ET MBA Purchase Index, 144.5
07:00 AM ET Mortgage Market Index, 181.1
07:00 AM ET Mortgage Refinance Index, 373.3
07:00 AM ET OPEC Monthly Report
08:30 AM ET Core PPI (YoY) (Nov), 2.2%, 2.4%
08:30 AM ET Core PPI (MoM) (Nov), 0.2%, 0.0%
08:30 AM ET PPI ex. Food/Energy/Transport (MoM) (Nov), 0.1%
08:30 AM ET PPI (MoM) (Nov), 0.1%, -0.5%
08:30 AM ET PPI ex. Food/Energy/Transport (YoY) (Nov), 2.9%
08:30 AM ET PPI (YoY) (Nov), 1.0%, 1.3%
10:00 AM ET Thomson Reuters IPSOS PCSI (Dec), 52.15
10:30 AM ET Crude Oil Inventories, -1.500M, -4.632M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.179M
10:30 AM ET Crude Oil Imports, 2.091M
10:30 AM ET Cushing Crude Oil Inventories, 1.829M
10:30 AM ET Distillate Fuel Production, 0.072M
10:30 AM ET EIA Weekly Distillates Stocks, 1.167M, 1.267M
10:30 AM ET Gasoline Production, 0.180M
10:30 AM ET Heating Oil Stockpiles, -1.126M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.7%
10:30 AM ET Gasoline Inventories, 2.400M, 5.421M
14:00 PM ET Interest Rate Projection – 1st Yr (Q4), 5.1%
14:00 PM ET Interest Rate Projection – 2nd Yr (Q4), 3.9%
14:00 PM ET Interest Rate Projection – 3rd Yr (Q4), 2.9%
14:00 PM ET Interest Rate Projection – Current (Q4), 5.6%
14:00 PM ET Interest Rate Projection – Longer (Q4), 2.5%
14:00 PM ET FOMC Economic Projections
14:00 PM ET FOMC Statement
14:00 PM ET Fed Interest Rate Decision, 5.50%, 5.50%
14:30 PM ET FOMC Press Conference

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