The Dow Market Happenings For Wednesday, May 1, 2024 – Amazon (AMZN) 175.00 Up +15.18% YTD

There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -41 points.

Tuesday the Dow closed down -570.17 (-1.49%) at 37,815.92.

Year-to-date the Dow is up +0.34%.

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

The Dow stock winners Tuesday were 3M (MMM) 96.51 (+4.72%) and Procter & Gamble (PG) 163.20 (+0.95%).

The Dow stock losers Tuesday were led by Caterpillar (CAT) 334.57 (-4.35%), Amazon (AMZN) 175.00 (-3.29%), Boeing (BA) 167.84 (-3.26%) and Microsoft (MSFT) 389.33 (-3.21%).

The VIX closed Tuesday at 15.65 (+6.68%) and the 10 YR at 4.654 (-0.21%). The VIX is currently at 16.08 (+2.75%). The 10YR is at 4.650 (-0.30%).

The Dow lost 5% in April, its worst monthly performance since September 2022.

Amazon (AMZN) shares are up about 2% in the premarket after the company reported better-than-expected earnings and revenue for the quarter on Tuesday. Operating income soared to $15.3 billion, up more than 200% compared with a year ago. Net income also more than tripled to $10.4 billion. Advertising revenue accelerated 24% for the quarter, outpacing retail and cloud computing. Sales at Amazon Web Services grew 17%, topping estimates. The earnings growth comes after the company initiated widespread cost-cutting, tweaked its fulfillment operations and stabilized cloud spending.

Johnson & Johnson (JNJ) said Wednesday it will pay $6.5 billion to settle almost all of the lawsuits claiming its talc-based products caused ovarian cancer. Under the deal, J&J will resolve the thousands of lawsuits through a third bankruptcy filing of a subsidiary company. The news begins a three-month voting period for claimants to reach a consensus. The remaining pending litigation relates to a rare cancer called mesothelioma and will be addressed separately.

Today at 11 am PST we get the Fed’s interest rate decision. The central bank is widely expected to hold interest rates steady, according to fed funds futures pricing data. Wall Street will be looking for clues from Fed Chair Jerome Powell on what needs to happen before rates can come down.

Private payrolls added 192,000 workers in April, according to the latest data from payrolls processing firm ADP. The figure came in ahead of the 183,000 additions expected, but below the 208,000 upward revision for March.

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

The national average price of gasoline is down six-tenths of a cent at $3.663 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/21/24 after the market close with $0.98, beating estimates of $0.691 per share.

JPMorgan (JPM) reported earnings on 4/12/24 before the market open with $4.44, beating estimates of $4.184 per share.

Goldman Sachs (GS) reported earnings on 4/15/24 before the market open with $6.91, beating estimates of $6.633 per share.

Johnson & Johnson (JNJ) reported earnings on 4/16/24 before the market open with $2.71, beating estimates of $2.639 per share.

UnitedHealth (UNH) reported earnings on 4/16/24 before the market open with $6.91, beating estimates of $6.633 per share.

Travelers (TRV) reported earnings on 4/17/24 before the market open with $4.69, beating estimates of $4.746 per share.

American Express (AXP) reported earnings on 4/19/24 before the market open with $3.33, beating estimates of $2.965 per share.

Procter & Gamble (PG) reported earnings on 4/19/24 before the market open with $1.52, beating estimates of $1.418 per share.

Verizon (VZ) reported earnings on 4/22/24 before the market open with $1.15, beating estimates of $1.12 per share.

Visa (V) reported earnings on 4/23/24 after the market close with $2.51, beating estimates of $2.426 per share.

Boeing (BA) reported earnings on 4/24/24 before the market open with -$1.13, beating estimates of -$1.429 per share.

IBM (IBM) reported earnings on 4/24/24 after the market close with $1.68, beating estimates of $1.589 per share.

Caterpillar (CAT) reported earnings on 4/25/24 before the market open with $5.60, beating estimates of $5.118 per share.

Dow (DOW) reported earnings on 4/25/24 before the market open with $0.56, beating estimates of $0.473 per share.

Honeywell (HON) reported earnings on 4/25/24 before the market open with $2.25, beating estimates of $2.176 per share.

Merck (MRK) reported earnings on 4/25/24 before the market open with $2.07, beating estimates of $1.936 per share.

Intel (INTC) reported earnings on 4/25/24 after the market close with $0.18, beating estimates of -$0.035 per share.

Microsoft (MSFT) reported earnings on 4/25/24 after the market close with $2.94, beating estimates of $2.815 per share.

Chevron (CVX) reports earnings on 4/26/24 before the market open with $2.93, beating estimates of $2.837 per share.

3M (MMM) reported earnings on 4/30/24 before the market open with $2.39, beating estimates of $2.082 per share.

Coca Cola (KO) reported earnings on 4/30/24 before the market open with $0.74, beating estimates of $0.694 per share.

McDonald’s (MCD) reported earnings on 4/30/24 before the market open with $2.66, beating estimates of $2.712 per share.

Amazon (AMZN) reports earnings on 4/30/24 after the market close with $0.98, beating estimates of $0.809 per share.

Amgen (AMGN) reports earnings on 5/2/24 after the market close.

Apple (AAPL) reports earnings on 5/2/24 after the market close.

Disney (DIS) reports earnings on 5/7/24 before the market open.

Home Depot (HD) reports earnings on 5/14/24 before the market open.

Cisco (CSCO) reports earnings on 5/15/24 after the market close.

Walmart (WMT) reports earnings on 5/16/24 before the market open.

Today’s Featured Dow Stock

Amazon (AMZN)

Amazon (AMZN) 175.00 (-3.29%) is up +15.18% in 2024.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.24%
07:00 AM ET MBA Mortgage Applications (WoW), -2.7%
07:00 AM ET MBA Purchase Index, 144.2
07:00 AM ET Mortgage Market Index, 196.7
07:00 AM ET Mortgage Refinance Index, 472.7
08:15 AM ET ADP Nonfarm Employment Change (Apr), 179K, 184K
09:45 AM ET S&P Global US Manufacturing PMI (Apr), 49.9, 51.9
10:00 AM ET Construction Spending (MoM) (Mar), 0.3%, -0.3%
10:00 AM ET ISM Manufacturing Employment (Apr), 47.4
10:00 AM ET ISM Manufacturing New Orders Index (Apr), 51.4
10:00 AM ET ISM Manufacturing PMI (Apr), 50.0, 50.3
10:00 AM ET ISM Manufacturing Prices (Apr), 55.5, 55.8
10:00 AM ET JOLTs Job Openings (Mar), 8.680M, 8.756M
10:30 AM ET Crude Oil Inventories, -6.368M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.042M
10:30 AM ET Crude Oil Imports, -0.417M
10:30 AM ET Cushing Crude Oil Inventories, -0.659M
10:30 AM ET Distillate Fuel Production, 0.178M
10:30 AM ET EIA Weekly Distillates Stocks, 1.614M
10:30 AM ET Gasoline Production, -0.275M
10:30 AM ET Heating Oil Stockpiles, 1.073M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.4%
10:30 AM ET Gasoline Inventories, -0.634M
14:00 PM ET FOMC Statement
14:00 PM ET Fed Interest Rate Decision, 5.50%, 5.50%
14:30 PM ET FOMC Press Conference

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