The Dow Market Happenings For Wednesday, March 6, 2024 – Procter & Gamble (PG) 159.32 Up +8.72% YTD

Dow stocks hitting 52-week highs include Disney (DIS) 112.87 (-0.72%), Goldman Sachs (GS) 390.91 (-0.34%) and JPMorgan (JPM) 188.54 (+1.00%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +178 points.

Tuesday the Dow closed down -404.64 (-1.04%) at 38,585.19.

Year-to-date the Dow is up +2.38%.

Tuesday, (9) Dow stocks were up, none made 52-week lows and (3) made 52-week highs.

The Dow stock winners Tuesday were led by 3M (MMM) 92.69 (+1.37%), Walmart (WMT) 60.04 (+1.25%) and JPMorgan (JPM) 188.55 (+1.00%).

The Dow stock losers Tuesday were led by Intel (INTC) 43.16 (-5.37%), Salesforce (CRM) 298.75 (-5.05%) and Microsoft (MSFT) 402.65 (-2.96%).

The VIX closed Tuesday at 14.46 (+7.19%) and the 10 YR at 4.147 (+0.01%). The VIX is currently at 13.95 (-3.53%). The 10YR is at 4.123 (-0.014%).

Federal Reserve Chairman Jerome Powell will be on Capitol Hill today to begin two days of congressionally mandated testimony. Powell will appear before the House on Wednesday and the Senate on Thursday as markets are intent on getting more information about how the Fed plans to proceed with monetary policy in the coming months. Investors expect the Fed will start cutting interest rates in June and enact the equivalent of four quarter-percentage-point cuts this year, according to futures market pricing from the CME Group. Recently, Powell has said it is too early to ease up on monetary policy, while also expressing satisfaction with the trend in prices.

Apple (AAPL) slipped almost 3% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024.

Tuesday, the ISM services index nudged lower to 52.6, slightly below the estimate for 53 and less than the January reading of 53.4. The index measures the percentage of businesses reporting expansion, so anything below 50 indicates contraction. On the inflation front, the prices index fell sharply, down to 58.6, a decline of 5.4 points though still indicating growth. An earlier reading on the manufacturing sector also showed a slight deceleration in expected price increases. New export orders, imports employment and inventory sentiment also posted declines while ew orders and business activity rose. Treasury yields moved lower following the release.

The gold contract for April gained $30.60, or 1.46%, to settle at $2,126.30 per ounce, the highest-level dating back to the contract’s creation in 1974.

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

The national average price of gasoline is up 2.0 cents at $3.386 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 3/21/24 after the market close.

Today’s Featured Dow Stock

Procter & Gamble (PG)

Procter & Gamble (PG) 159.32 (-0.15%) is up +8.72% in 2024.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.04%
07:00 AM ET MBA Mortgage Applications (WoW), -5.6%
07:00 AM ET MBA Purchase Index, 127.6
07:00 AM ET Mortgage Market Index, 171.5
07:00 AM ET Mortgage Refinance Index, 395.9
08:15 AM ET ADP Nonfarm Employment Change (Feb), 149K, 107K
10:00 AM ET Fed Chair Powell Testifies
10:00 AM ET IBD/TIPP Economic Optimism, 45.2, 44.0
10:00 AM ET JOLTs Job Openings (Jan), 8.800M, 9.026M
10:00 AM ET Wholesale Inventories (MoM) (Jan), -0.1%, 0.4%
10:00 AM ET Wholesale Trade Sales (MoM) (Jan), 0.7%
10:30 AM ET Crude Oil Inventories, 2.400M, 4.199M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.100M
10:30 AM ET Crude Oil Imports, -0.032M
10:30 AM ET Cushing Crude Oil Inventories, 1.458M
10:30 AM ET Distillate Fuel Production, 0.118M
10:30 AM ET EIA Weekly Distillates Stocks, -1.000M, -0.510M
10:30 AM ET Gasoline Production, 0.390M
10:30 AM ET Heating Oil Stockpiles, -0.137M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.9%
10:30 AM ET Gasoline Inventories, -1.640M, -2.832M
12:00 PM ET FOMC Member Daly Speaks
13:00 PM ET Atlanta Fed GDPNow (Q1), 2.1%, 2.1%
14:00 PM ET Beige Book
15:15 PM ET FOMC Member Kashkari Speaks

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