DJIA Market Happenings For Thursday, February 1, 2024 – Apple (AAPL) 184.40 Down -4.22% YTD

Dow stocks hitting 52-week highs include Amgen (AMGN) 314.26 (-0.11%), American Express (AXP) 200.74 (-1.67%), Caterpillar (CAT) 300.31 (-1.46%), Goldman Sachs (GS) 384.01 (-0.74%), JPMorgan (JPM) 174.36 (-1.08%), Merck (MRK) 120.78 (-0.72%), Microsoft (MSFT) 397.58 (-2.69%), Procter & Gamble (PG) 157.14 (-0.22%), Travelers (TRV) 211.36 (-1.02%), Visa (V) 273.26 (-1.40%) and Verizon (VZ) 42.35 (-0.28%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -19 points.

Wednesday the Dow closed down -317.01 (-0.82%) at 38,150.30.

Year-to-date the Dow is up +1.22%.

Wednesday, (20) Dow stocks were up, none made 52-week lows and (8) made 52-week highs.

The Dow stock winners Wednesday were led by Boeing (BA) 211.04 (+5.29%), UnitedHealth (UNH) 511.74 +1.61%) and Intel (INTC) 43.08 (+0.37%).

The Dow stock losers Wednesday were led by Cisco (CSCO)50.18 (-3.94%), Microsoft (MSFT) 397.58 (-2.69%) and Nike (NKE) 101.53 (-2.54%).

The VIX closed Wednesday at 14.35 (+7.81%) and the 10 YR at 3.884 (-1.42%). The VIX is currently at 14.11 (-1.67%). The 10YR is at 3.880 (-1.52%).

Yesterday, there were (11) stocks that made 52-week highs. Then Fed Chairman Powell spoke after the latest FOMC rate decision and then all (11) closed lower on the day. IWM closed down -2.44%. SPY was down -1.61%.

Looks like a bounce today from the ravaging yesterday.

Fed Chair Jerome Powell said Wednesday that the Federal Reserve will likely not institute a March rate cut, disappointing traders who wanted the central bank to start dropping rates to stave off potential recession. “I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,” Powell said. The Fed chief said the central bank wasn’t taking further rate hikes off the table but noted that economic growth has been “solid” as the central bank sees decelerating inflation. The next policy date is scheduled for March 20, with calculations leaning toward the Fed staying put in the next meeting.

Shares of Honeywell (HON) fell more than 2% after the company posted mixed results for the fourth quarter. The company earned $2.60 per share, excluding certain items, on revenue of $9.44 billion. Analysts expected a profit of $2.59 per share on revenue of $9.7 billion.

Unemployment insurance weekly claims in the week ending January 27, the advance figure for seasonally adjusted initial claims was 224,000, an increase of 9,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average was 207,750, an increase of 5,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 202,250 to 202,500. The advance seasonally adjusted insured unemployment rate was 1.3 percent for the week ending January 20, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 20 was 1,898,000, an increase of 70,000 from the previous week’s revised level. The previous week’s level was revised down by 5,000 from 1,833,000 to 1,828,000. The 4-week moving average was 1,841,250, an increase of 7,500 from the previous week’s revised average. The previous week’s average was revised down by 1,250 from 1,835,000 to 1,833,750. The total number of continued weeks claimed for benefits in all programs for the week ending January 13 was 2,080,990, a decrease of 67,159 from the previous week. There were 1,890,290 weekly claims filed for benefits in all programs in the comparable week in 2023.

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

The national average price of gasoline is up nine-tenths of a cent at $3.150 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.

JPMorgan (JPM) reported earnings on 1/12/24 before the open with $3.04, missing estimates of $3.726 per share.

UnitedHealth (UNH) reported earnings on 1/12/24 before the open with $6.16, beating estimates of $5.978 per share.

Goldman Sachs (GS) reported earnings on 1/16/24 before the open with $5.48, beating estimates of $3.51 per share.

Travelers (TRV) reported earnings on 1/19/24 before the open with $7.01, beating estimates of $5.038per share.

3M (MMM) reported earnings on 1/23/24 before the open with $2.42, beating estimates of $2.309 per share.

Johnson & Johnson (JNJ) reported earnings on 1/23/24 before the open with $2.29, beating estimates of $2.268 per share.

Procter & Gamble (PG) reported earnings on 1/23/24 before the open with $1.84, beating estimates of $1.703 per share.

Verizon (VZ) reported earnings on 1/23/24 before the open with $1.08, beating estimates of $1.073 per share.

IBM (IBM) reported earnings on 1/24/24 after the close with $3.87, beating estimates of $3.776 per share.

Dow (DOW) reported earnings on 1/25/24 before the open with $0.43, beating estimates of $0.397 per share.

Intel (INTC) reports earnings on 1/25/24 after the close with $0.54, beating estimates of $0.267 per share.

Visa (V) reports earnings on 1/25/24 after the close with $2.41, beating estimates of $2.334 per share.

American Express (AXP) reports earnings on 1/26/24 before the open with $2.62, beating estimates of $2.648 per share.

Microsoft (MSFT) reports earnings on 1/30/24 after the close with $2.93, beating estimates of $2.756 per share.

Boeing (BA) reports earnings on 1/31/24 before the open with -$0.47, beating estimates of $0.76 per share.

Honeywell (HON) reported earnings on 2/1/24 before the open with $2.60, beating estimates of $2.597 per share.

Merck (MRK) reported earnings on 2/1/24 before the open with $0.03, beating estimates of -$0.094 per share.

Apple (AAPL) reports earnings on 2/1/24 after the close.

Caterpillar (CAT) reports earnings on 2/5/24 before the open.

Chevron (CVX) reports earnings on 2/2/24 before the open.

McDonald’s (MCD) reports earnings on 2/5/24 before the open.

Amgen (AMGN) reports earnings on 2/6/24 after the close.

Disney (DIS) reports earnings on 2/7/24 after the close.

Coca Cola (KO) reports earnings on 2/13/24 before the open.

Cisco (CSCO) reports earnings on 2/14/24 after the close.

Today’s Featured Dow Stock

Apple (AAPL)

Apple (AAPL) 184.40 (-1.94%) is down -4.22% in 2024.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), -20.2%
07:30 AM ET Challenger Job Cuts (Jan), 34.817K
08:30 AM ET Continuing Jobless Claims, 1,840K, 1,833K
08:30 AM ET Initial Jobless Claims, 213K, 214K
08:30 AM ET Jobless Claims 4-Week Avg., 202.25K
08:30 AM ET Nonfarm Productivity (QoQ) (Q4), 2.4%, 5.2%
08:30 AM ET Unit Labor Costs (QoQ) (Q4), 1.3%, -1.2%
09:45 AM ET S&P Global US Manufacturing PMI (Jan), 50.3, 47.9
10:00 AM ET Construction Spending (MoM) (Dec), 0.5%, 0.4%
10:00 AM ET ISM Manufacturing Employment (Jan), 48.1
10:00 AM ET ISM Manufacturing New Orders Index (Jan), 47.1
10:00 AM ET ISM Manufacturing PMI (Jan), 47.2, 47.4
10:00 AM ET ISM Manufacturing Prices (Jan), 46.0, 45.2
10:30 AM ET Natural Gas Storage, -202B, -326B
11:30 AM ET 4-Week Bill Auction, 5.280%
11:30 AM ET 8-Week Bill Auction, 5.275%
16:30 PM ET Fed’s Balance Sheet, 7,677B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.490T

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