DJIA Market Happenings For Thursday, March 7, 2024 – Travelers (TRV) 220.62 Up +15.82% YTD

Dow stocks hitting 52-week highs include Dow (DOW) 56.86 (-0.21%), IBM (IBM) 196.16 (+2.19%), JPMorgan (JPM) 189.53 (+0.52%) and Walmart (WMT) 60.57 (+0.88%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +107 points.

Wednesday the Dow closed up +75.86 (+0.20%) at 38,661.05.

Year-to-date the Dow is up +2.58%.

Wednesday, (16) Dow stocks were up, none made 52-week lows and (4) made 52-week highs.

The Dow stock winners Wednesday were led by Intel (INTC) 44.51 (+3.13%), IBM (IBM) 196.16 (+2.19%) and Salesforce (CRM) 303.77 (+1.68%).

The Dow stock losers Wednesday were led by Disney (DIS) 110.06 (-2.49%), Verizon (VZ) 39.93 (-1.04%) and Chevron (CVX) 148.33 (-0.84%).

The VIX closed Wednesday at 14.50 (+0.28%) and the 10 YR at 4.103 (-0.73%). The VIX is currently at 14.33 (-1.17%). The 10YR is at 4.075 (-0.63%).

In prepared remarks for Capitol Hill Wednesday, Fed Chair Jerome Powell reiterated that the central bank does not plan on cutting interest rates any time soon. Powell said he expects rates to start coming down at some point this year, but that he can’t give a more precise timeline as the bank waits to see more data before taking any action. “We think because of the strength in the economy and the strength in the labor market and the progress we’ve made, we can approach that step carefully and thoughtfully and with greater confidence,” Powell said. He’s due to appear before the Senate Banking Committee today.

President Joe Biden wants to boost the number of drugs that are subject to Medicare price negotiations. He’s proposing that 50 drugs annually be put through the price talks, up from a current target of 20 medications, according to a fact sheet released Wednesday by the White House. It’s one of multiple healthcare policy proposals Biden is expected to outline during his Thursday night State of the Union address. The Medicare price negotiations, introduced as part of the Inflation Reduction Act, have already invited lawsuits from the pharmaceutical industry, which stands to lose some profits as a result of lower prices.

Apple (AAPL) fell for a sixth consecutive day, bringing its weekly losses to nearly 6%.

Initial filings for unemployment insurance were unchanged from a week ago and exactly in line with expectations, the Labor Department announced Thursday. Jobless claims totaled 217,000 for the week ended March 2, matching the previous week’s upwardly revised total. On a four-week rolling basis, claims nudged lower to 212,250. Continuing claims, which run a week behind, totaled just over 1.9 million, up just 8,000 from the previous period.

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

The national average price of gasoline is up 1.1 cents at $3.397 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Travelers (TRV)

Travelers (TRV) 220.62 (+0.68%) is up +15.82% in 2024.

Financial Calendar

07:30 AM ET Challenger Job Cuts (Feb), 82.307K
07:30 AM ET Challenger Job Cuts (YoY), -20.0%
08:30 AM ET Continuing Jobless Claims, 1,889K, 1,905K
08:30 AM ET Exports, 258.20B
08:30 AM ET Imports, 320.40B
08:30 AM ET Initial Jobless Claims, 217K, 215K
08:30 AM ET Jobless Claims 4-Week Avg., 212.50K
08:30 AM ET Nonfarm Productivity (QoQ) (Q4), 3.1%, 3.2%
08:30 AM ET Trade Balance (Jan), -63.40B, -62.20B
08:30 AM ET Unit Labor Costs (QoQ) (Q4), 0.7%, 0.5%
10:00 AM ET Fed Chair Powell Testifies
10:30 AM ET Natural Gas Storage, -42B, -96B
11:30 AM ET 4-Week Bill Auction, 5.285%
11:30 AM ET 8-Week Bill Auction, 5.285%
11:30 AM ET Atlanta Fed GDPNow (Q1), 2.5%, 2.5%
11:30 AM ET FOMC Member Mester Speaks
15:00 PM ET Consumer Credit (Jan), 10.10B, 1.56B
16:30 PM ET Fed’s Balance Sheet, 7,568B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.541T

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