The Dow Market Happenings For Friday, February 2, 2024 – Amgen (AMGN) 324.56 Up +12.69% YTD

Dow stocks hitting 52-week highs include Amgen (AMGN) 325.56 (+3.28%), Caterpillar (CAT) 307.69 (+2.46%), Merck (MRK) 126.38 (+4.64%) and Procter & Gamble (PG) 159.18 (+1.30%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -124 points.

Thursday the Dow closed up +369.54 (+0.97%) at 38,519.84.

Year-to-date the Dow is up +2.20%.

Thursday, (22) Dow stocks were up, none made 52-week lows and (4) made 52-week highs.

The Dow stock winners Thursday were led by Merck (MRK) 126.38 (+4.64%), Amgen (AMGN) 324.56 (+3.28%) and Walgreens WBA) 23.25 (+3.01%).

The Dow stock losers Thursday were led by Honeywell (HON) 197.31 (-2.45%), UnitedHealth (UNH) 507.14 (-0.90%) and Boeing (BA) 209.81 (-0.58%).

The VIX closed Thursday at 13.88 (-3.28%) and the 10 YR at 3.860 (+0.36%). The VIX is currently at 14.10 (+1.59%). The 10YR is at 3.997 (+3.93%).

Nonfarm payrolls expanded by 353,000 for the month, much higher than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%. Wage growth also showed strength, as average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast. The wage gains came amid a decline in average hours worked, down to 34.1, or 0.2 hour lower. Job growth was widespread on the month, led by professional and business services with 74,000. Other significant contributors included health care (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000). The report also indicated that December’s job gains were much better than originally reported. The month posted a gain of 333,000, which was an upwards revision of 117,000 from the initial estimate. November also was revised higher, to 182,000, or 9,000 higher than the last estimate. Wednesday, Fed Chair Jerome Powell signaled that a March rate cut was unlikely.

Chevron (CVX) reported a sharp year-over-year decline in fourth-quarter earnings, but the company also returned a massive amount of money to shareholders via its dividend and buybacks. The company earned an adjusted $3.45 per share on revenue of $47.18 billion. Analysts polled by LSEG expected a profit of $3.21 per share on revenue of $51.62 billion. Chevron also said its net income fell 65% year over year to $2.3 billion. However, the company also said it returned $23.6 billion through dividend payouts and buybacks in 2023. Additionally, Chevron raised its quarterly dividend by 8% to $1.63 per share.

Apple (AAPL) slipped 3% despite a fiscal first-quarter earnings and revenue beat.

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) reported earnings on 2/1/24 after the close with $2.18, beating estimates of $2.089 per share.

Chevron (CVX) reported earnings on 2/2/24 before the open with $3.45, beating estimates of $3.285 per share.

Caterpillar (CAT) reports earnings on 2/5/24 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

Amgen (AMGN)

Amgen (AMGN) 324.56 (+3.28%) is up +12.69% in 2024.

Financial Calendar

08:30 AM ET Average Hourly Earnings (MoM) (Jan), 0.3%, 0.4%
08:30 AM ET Average Hourly Earnings (YoY) (YoY) (Jan), 4.1%, 4.1%
08:30 AM ET Average Weekly Hours (Jan), 34.3, 34.3
08:30 AM ET Government Payrolls (Jan), 52.0K
08:30 AM ET Manufacturing Payrolls (Jan), 5K, 6K
08:30 AM ET Nonfarm Payrolls (Jan), 187K, 216K
08:30 AM ET Participation Rate (Jan), 62.5%
08:30 AM ET Payrolls Benchmark, 568.00
08:30 AM ET Payrolls Benchmark, n.s.a., -306.00K
08:30 AM ET Private Nonfarm Payrolls (Jan), 155K, 164K
08:30 AM ET U6 Unemployment Rate (Jan), 7.1%
08:30 AM ET Unemployment Rate (Jan), 3.8%, 3.7%
10:00 AM ET Durables Excluding Defense (MoM) (Dec), 0.5%
10:00 AM ET Durables Excluding Transport (MoM) (Dec), 0.6%
10:00 AM ET Factory Orders (MoM) (Dec), 0.3%, 2.6%
10:00 AM ET Factory orders ex transportation (MoM) (Dec), 0.1%
10:00 AM ET Michigan 1-Year Inflation Expectations (Jan), 2.9%, 3.1%
10:00 AM ET Michigan 5-Year Inflation Expectations (Jan), 2.8%, 2.9%
10:00 AM ET Michigan Consumer Expectations (Jan), 75.9, 67.4
10:00 AM ET Michigan Consumer Sentiment (Jan), 78.8, 69.7
10:00 AM ET Michigan Current Conditions (Jan), 83.3, 73.3
10:00 AM ET Total Vehicle Sales, 15.70M, 15.83M
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 499
13:00 PM ET U.S. Baker Hughes Total Rig Count, 621
15:30 PM ET CFTC Aluminium speculative net positions, 4.3K
15:30 PM ET CFTC Copper speculative net positions, -29.9K
15:30 PM ET CFTC Corn speculative net positions, -219.2K
15:30 PM ET CFTC Crude Oil speculative net positions, 184.0K
15:30 PM ET CFTC Gold speculative net positions, 169.5K
15:30 PM ET CFTC Nasdaq 100 speculative net positions, 33.0K
15:30 PM ET CFTC Natural Gas speculative net positions, -80.6K
15:30 PM ET CFTC S&P 500 speculative net positions, -189.5K
15:30 PM ET CFTC Silver speculative net positions, 17.7K
15:30 PM ET CFTC Soybeans speculative net positions, -106.0K
15:30 PM ET CFTC Wheat speculative net positions, -42.8K

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