The Dow Market Happenings For Friday, March 8, 2024 – UnitedHealth (UNH) 478.78 Down -9.06% YTD

Dow stocks hitting 52-week highs include American Express (AXP) 223.42 (+2.28%), Caterpillar (CAT) 340.22 (+1.37%), IBM (IBM) 196.54 (+0.19%), JPMorgan (JPM) 187.87 (-0.88%) and Walmart (WMT) 60.36 (-0.35%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -26 points.

Thursday the Dow closed up +130.30 (+0.34%) at 38,791.35.

Year-to-date the Dow is up +2.92%.

Thursday, (16) Dow stocks were up, none made 52-week lows and (5) made 52-week highs.

The Dow stock winners Thursday were led by Intel (INTC) 46.15 (+3.68%), American Express (AXP) 223.42 (+2.28%) and Amazon (AMZN) 176.82 (+1.91%).

The Dow stock losers Thursday were led by Amgen (AMGN) 272.86 (-1.35%), Verizon (VZ) 39.53 (-1.00%) and JPMorgan (JPM) 187.87 (-0.88%).

The VIX closed Thursday at 14.44 (-0.41%) and the 10 YR at 4.094 (+0.002%). The VIX is currently at 14.02 (-2.91%). The 10YR is at 4.074 (-0.42%).

Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for payroll growth of 198,000, a step slower from the downwardly revised gain of 229,000 in January. The December gain also was revised down to 290,000 from 333,000. The jobless level increased even though the labor force participation rate held steady at 62.5%. Average hourly earnings, watched closely as an inflation indicator, showed a slightly less than expected increase for the month and a deceleration from a year ago. Wages rose just 0.1% on the month, one-tenth of a percentage point below the estimate, and were up 4.3% from a year ago, below the 4.5% gain in January and slightly below the 4.4% estimate.

The February jobs data gave some conflicting signals as to when it will be safe for the Fed to start cutting interest rates. On one hand, the number of jobs added last month was much more than expected, coming in at 275,000 compared with an estimate of 198,000 from economists. This data can imply an economy that’s still running pretty hot. But the unemployment rate unexpectedly ticked higher to 3.9% and wage growth was lighter than feared, offering morsels of hope that inflation has cooled enough to appease the Fed. January jobs growth was also revised lower.

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

The national average price of gasoline is up three-tenths of a cent at $3.400 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

UnitedHealth (UNH)

UnitedHealth (UNH) 478.78 (+1.31%) is down -9.06% in 2024.

Financial Calendar

07:00 AM ET FOMC Member Williams Speaks
08:30 AM ET Average Hourly Earnings (MoM) (Feb), 0.2%, 0.6%
08:30 AM ET Average Hourly Earnings (YoY) (YoY) (Feb), 4.4%, 4.5%
08:30 AM ET Average Weekly Hours (Feb), 34.3, 34.1
08:30 AM ET Government Payrolls (Feb), 36.0K
08:30 AM ET Manufacturing Payrolls (Feb), 10K, 23K
08:30 AM ET Nonfarm Payrolls (Feb), 198K, 353K
08:30 AM ET Participation Rate (Feb), 62.5%
08:30 AM ET Private Nonfarm Payrolls (Feb), 160K, 317K
08:30 AM ET U6 Unemployment Rate (Feb), 7.2%
08:30 AM ET Unemployment Rate (Feb), 3.7%, 3.7%
12:00 PM ET WASDE Report
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 506
13:00 PM ET U.S. Baker Hughes Total Rig Count, 629
15:30 PM ET CFTC Aluminium speculative net positions, 3.3K
15:30 PM ET CFTC Copper speculative net positions, -1.6K
15:30 PM ET CFTC Corn speculative net positions, -232.6K
15:30 PM ET CFTC Crude Oil speculative net positions, 224.8K
15:30 PM ET CFTC Gold speculative net positions, 141.6K
15:30 PM ET CFTC Nasdaq 100 speculative net positions, 10.2K
15:30 PM ET CFTC Natural Gas speculative net positions, -141.6K
15:30 PM ET CFTC S&P 500 speculative net positions, -224.2K
15:30 PM ET CFTC Silver speculative net positions, 14.5K
15:30 PM ET CFTC Soybeans speculative net positions, -191.2K
15:30 PM ET CFTC Wheat speculative net positions, -37.0K

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