DJIA Market Happenings For Thursday, May 2, 2024 – American Express (AXP) 231.46 Up +23.55% YTD

Dow stocks hitting 52-week highs include Goldman Sachs (GS) 426.95 (+0.06%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +186 points.

Wednesday the Dow closed down -570.17 (-1.49%) up +87.37 (+0.23%) at 37,903.29.

Year-to-date the Dow is up +0.57%.

Wednesday, (15) Dow stocks were up, none made 52-week lows and (1) made 52-week highs.

The Dow stock winners Wednesday were led by Johnson & Johnson (JNJ) 151.18 (+4.56%), Amazon (AMZN) 179.00 (+2.29%) and Boeing (BA) 171.46 (+2.16%).

The Dow stock losers Wednesday were led by Nike (NKE) 90.34 (-2.08%), American Express (AXP) 231.46 (-1.10%) and IBM (IBM) 164.43 (-1.06%).

The VIX closed Wednesday at 15.39 (-1.66%) and the 10 YR at 4.616 (+0.76%). The VIX is currently at 14.99 (-2.60%). The 10YR is at 4.602 (+0.46%).

The key takeaway from Wednesday’s Federal Reserve meeting? Chair Jerome Powell said it was “unlikely” the Fed would hike rates as its next step. That statement came as the Fed held rates at their current rate of 5.25% to 5.50%, as expected. The Fed has held rates at that level since July 2023, when it last implemented a rate hike and took the range to its highest level in more than two decades. The rate-setting Federal Open Market Committee did vote this week to slow the pace of balance sheet reductions, in what could be viewed as an incremental loosening of monetary policy.

Unemployment insurance weekly claims in the week ending April 27, the advance figure for seasonally adjusted initial claims was 208,000, unchanged from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 207,000 to 208,000. The 4-week moving average was 210,000, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 213,250 to 213,500. The forecast was for 212,000.

The cost of labor rose more than expected in the first quarter, another sign that inflation was more stubborn than expected to start the year. Unit labor costs increased 4.7% in the January-through-March period, the product of a 5% increase in hourly compensation offset by a 0.3% growth rate in productivity, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been looking for a 4% increase in unit labor costs and 0.5% for productivity.

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

The national average price of gasoline is up eight-tenths of a cent at $3.671 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

American Express (AXP)

American Express (AXP) 231.46 (-1.10%) is up +23.55% in 2024.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,800K, 1,781K
08:30 AM ET Exports, 263.00B
08:30 AM ET Imports, 331.90B
08:30 AM ET Initial Jobless Claims, 212K, 207K
08:30 AM ET Jobless Claims 4-Week Avg., 213.25K
08:30 AM ET Nonfarm Productivity (QoQ) (Q1), 0.8%, 3.3%
08:30 AM ET Trade Balance (Mar), -69.50B, -68.90B
08:30 AM ET Unit Labor Costs (QoQ) (Q1), 3.6%, 0.4%
10:00 AM ET Durables Excluding Defense (MoM) (Mar), 2.3%
10:00 AM ET Durables Excluding Transport (MoM) (Mar), 0.3%
10:00 AM ET Factory Orders (MoM) (Mar), 1.6%, 1.4%
10:00 AM ET Factory orders ex transportation (MoM) (Mar), 1.1%
10:00 AM ET Total Vehicle Sales, 15.50M
10:30 AM ET Natural Gas Storage, 68B, 92B
11:30 AM ET 4-Week Bill Auction, 5.275%
11:30 AM ET 8-Week Bill Auction, 5.275%
16:30 PM ET Fed’s Balance Sheet, 7,402B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.272T

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