The Dow Market Happenings For Thursday, January 4, 2024 – Goldman Sachs (GS) 381.79 Down -1.03% YTD

Dow stocks hitting 52-week highs include Amgen (AMGN) 300.69 (+1.11%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +83 points.

Wednesday the Dow closed down -284.85 (-0.76%) at 37,430.19.

Year-to-date the Dow is down -0.69%.

Wednesday, (9) Dow stocks were up, none were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Wednesday were led by Chevron (CVX) 152.33 (+1.91%), Merck (MRK) 114.77 (+1.35%) and Amgen (AMGN) 300.69 (+1.11%).

The Dow stock losers Wednesday were led by Walgreens (WBA) 25.57 (-4.05%), Boeing (BA) 243.91 (-3.12%) and Caterpillar (CAT) 284.30 (-2.87%).

The VIX closed Wednesday at 14.04 (+6.36%) and the 10 YR at 3.920 (+0.46%). The VIX is currently at 14.16 (+0.85%). The 10YR is at 3.986 (+0.079%).

the latest ADP report release showed that jobs grew stronger than expected in December. Companies added 164,000 jobs for the month, higher than an estimate for 130,000. Total jobless claims also showed that the pace of layoffs decelerated for the week ended Dec. 30, a further sign of strength within the labor market.

The pace of layoffs decelerated in the final full week of 2023, a sign that the labor market is still tight, the Labor Department reported Thursday. Initial jobless claims for the week ended Dec. 30 totaled 202,000, a decline of 18,000 from the previous period and below the Dow Jones estimate for 219,000. The four-week moving average, which accounts for weekly volatility, declined to 207,750, a drop of 4,750. Continuing claims, which run a week behind, fell by 31,000 to 1.855 million, below estimates for 1.878 million.

Yesterday, minutes of the U.S. Federal Reserve’s meeting in December showed interest rate cuts were likely in 2024, but provided little clarity on when that might happen.

The Labor Department’s Job Openings and Labor Turnover Survey showed employment listings at 8.79 million, about in line with an estimate for 8.8 million. Layoffs and hiring totals moved lower. On the manufacturing side, the ISM Manufacturing report registered a 47.4 reading for December, just above the 47.2 estimate and better than the 46.7 in November. The number represents the percentage of businesses reporting expansion for the month, so anything below 50 represents contraction.

Walgreens (WBA) shares were up more than 2% in the premarket after the pharmacy operator posted fiscal first -quarter earnings and revenue that beat analyst expectations. The company earned and adjusted 66 cents per share on revenue of $36.71 billion. Analysts expected a profit of 61 cents per share on revenue of $34.86 billion. To be sure, Walgreens cut its quarterly dividend to 25 cents per share from 48 cents per share.

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

The national average price of gasoline is down four-tenths of a cent at $3.090 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) reported earnings on 12/21/23 after the close with $1.03, beating estimates of $0.839 per share.

Walgreens (WBA) reported earnings on 1/4/24 before the open with $0.66, beating estimates of $0.656 per share.

IBM (IBM) reports earnings on 1/12/24 before the open.

JPMorgan (JPM) reports earnings on 1/12/24 before the open.

UnitedHealth (UNH) reports earnings on 1/12/24 before the open.

Goldman Sachs (GS) reports earnings on 1/16/24 before the open.

Travelers (TRV) reports earnings on 1/19/24 before the open.

3M (MMM) reports earnings on 1/23/24 before the open.

Johnson & Johnson (JNJ) reports earnings on 1/23/24 before the open.

Procter & Gamble (PG) reports earnings on 1/23/24 before the open.

Verizon (VZ) reports earnings on 1/23/24 before the open.

Microsoft (MSFT) reports earnings on 1/23/24 after the close.

Visa (V) reports earnings on 1/23/24 after the close.

Boeing (BA) reports earnings on 1/24/24 before the open.

IBM (IBM) reports earnings on 1/24/24 after the close.

Dow (DOW) reports earnings on 1/25/24 before the open.

Intel (INTC) reports earnings on 1/25/24 after the close.

Chevron (CVX) reports earnings on 1/26/24 before the open.

American Express (AXP) reports earnings on 1/26/24 before the open.

Amgen (AMGN) reports earnings on 1/30/24 before the open.

Caterpillar (CAT) reports earnings on 1/30/24 before the open.

McDonald’s (MCD) reports earnings on 1/30/24 before the open.

Today’s Featured Dow Stock

Goldman Sachs (GS)

Goldman Sachs (GS) 381.79 (-1.68%) is down -1.03% in 2024.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), -40.8%
07:30 AM ET Challenger Job Cuts (Dec), 45.510K
08:15 AM ET ADP Nonfarm Employment Change (Dec), 115K, 103K
08:30 AM ET Continuing Jobless Claims, 1,883K, 1,875K
08:30 AM ET Initial Jobless Claims, 216K, 218K
08:30 AM ET Jobless Claims 4-Week Avg., 212.00K
09:45 AM ET S&P Global Composite PMI (Dec), 51.0, 50.7
09:45 AM ET S&P Global Services PMI (Dec), 51.3, 50.8
10:30 AM ET Natural Gas Storage, -40B, -87B
11:00 AM ET Crude Oil Inventories, -3.200M, -7.114M
11:00 AM ET EIA Refinery Crude Runs (WoW), 0.058M
11:00 AM ET Crude Oil Imports, -0.268M
11:00 AM ET Cushing Crude Oil Inventories, 1.508M
11:00 AM ET Distillate Fuel Production, 0.243M
11:00 AM ET EIA Weekly Distillates Stocks, 0.741M
11:00 AM ET Gasoline Production, -0.008M
11:00 AM ET Heating Oil Stockpiles, 0.286M
11:00 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.9%
11:00 AM ET Gasoline Inventories, -0.669M
11:30 AM ET 4-Week Bill Auction, 5.325%
11:30 AM ET 8-Week Bill Auction, 5.285%
16:30 AM ET Fed’s Balance Sheet, 7,713B
16:30 AM ET Reserve Balances with Federal Reserve Banks, 3.434T

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