DJIA Market Happenings For Wednesday, February 28, 2024 – McDonald’s (MCD) 293.76 Down -0.93% YTD

Dow stocks hitting 52-week highs include American Express (AXP) 217.98 (+0.47%) and Home Depot (HD) 375.56 (+1.07%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -121 points.

Tuesday the Dow closed down -96.82 (-0.25%) at 38,972.41.

Year-to-date the Dow is up +3.40%.

Tuesday, (16) Dow stocks were up, none made 52-week lows and (2) made 52-week highs.

The Dow stock winners Tuesday were led by Disney (DIS) 109.42 (+1.62%), Dome Depot (HD) 375.56 (+1.07%) and Travelers (TRV) 221.88 (+0.82%).

The Dow stock losers Tuesday were led by Amgen (AMGN) 278.49 (-2.75%), UnitedHealth (UNH) 513.42 (-2.27%) and Chevron (CVX) 152.16 (-1.48%).

The VIX closed Tuesday at 13.43 (-2.26%) and the 10 YR at 4.293 (-0.022%). The VIX is currently at 13.73 (+2.23%). The 10YR is at 4.299 (-0.016%).

The U.S. economy grew at a slightly slower pace in the fourth quarter of 20234 than previously reported, according to a revision the Commerce Department released Wednesday. Gross domestic product accelerated at a 3.2% annualized rate adjusted for seasonality and inflation, 0.1 percentage point than the initial estimate. The downward revision came primarily due to smaller than expected private inventory investment, which offset upward revisions in local government and consumer spending. On the inflation front, the personal consumption expenditures price increased 1.8% in the quarter on headline and 2.1% for core excluding food and energy, both 0.1 percentage point higher than the initial estimate.

Thursday we get the personal consumption expenditure reading for January, which is the Federal Reserve’s preferred measure of inflation.

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

The national average price of gasoline is up 2.3 cents at $3.294 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 $5.038 per 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) reported earnings on 2/5/24 before the open with $5.23, beating estimates of $4.763 per share.

McDonald’s (MCD) reported earnings on 2/5/24 before the open with $2.95, beating estimates of $2.807 per share.

Amgen (AMGN) reported earnings on 2/6/24 after the close with $4.71, beating estimates of $4.656 per share.

Disney (DIS) reported earnings on 2/7/24 after the close with $1.22, beating estimates of $0.973 per share.

Coca Cola (KO) reported earnings on 2/13/24 before the open with $0.46, missing estimates of $0.484 per share.

Cisco (CSCO) reported earnings on 2/14/24 after the close with $0.87, beating estimates of $0.713 per share.

Home Depot (HD) reports earnings on 2/20/24 before the open.

Walmart (WMT) reported earnings on 2/20/24 before the open with $1.80, beating estimates of $1.645 per share. Walmart is also doing a 3:1 stock split on 2/26/24.

Salesforce (CRM) reports earnings on 2/28/24 after the close.

Today’s Featured Dow Stock

McDonald’s (MCD)

McDonald’s (MCD) 293.76 (-1.13%) is down -0.93% in 2024.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.06%
07:00 AM ET MBA Mortgage Applications (WoW), -10.6%
07:00 AM ET MBA Purchase Index, 133.6
07:00 AM ET Mortgage Market Index, 181.6
07:00 AM ET Mortgage Refinance Index, 427.0
08:30 AM ET Core PCE Prices (Q4), 2.00%, 2.00%
08:30 AM ET Corporate Profits (QoQ) (Q4), 3.7%
08:30 AM ET GDP (QoQ) (Q4), 3.3%, 4.9%
08:30 AM ET GDP Price Index (QoQ) (Q4), 1.5%, 3.3%
08:30 AM ET GDP Sales (Q4), 3.2%, 3.6%
08:30 AM ET Goods Trade Balance (Jan), -88.40B, -87.89B
08:30 AM ET PCE Prices (Q4), 1.7%, 2.6%
08:30 AM ET Real Consumer Spending (Q4), 2.8%, 3.1%
08:30 AM ET Retail Inventories Ex Auto (Jan), 0.4%
08:30 AM ET Wholesale Inventories (MoM), 0.0%, 0.4%
10:30 AM ET Crude Oil Inventories, 1.800M, 3.514M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.031M
10:30 AM ET Crude Oil Imports, -0.434M
10:30 AM ET Cushing Crude Oil Inventories, 0.741M
10:30 AM ET Distillate Fuel Production, 0.095M
10:30 AM ET EIA Weekly Distillates Stocks, -1.800M, -4.009M
10:30 AM ET Gasoline Production, -0.146M
10:30 AM ET Heating Oil Stockpiles, -0.351M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW)
10:30 AM ET Gasoline Inventories, -1.200M, -0.294M
12:00 PM ET FOMC Member Bostic Speaks
12:15 PM ET Fed Collins Speaks
12:45 PM ET FOMC Member Williams Speaks

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