DJIA Market Happenings For Wednesday, May 8, 2024 – Cisco (CSCO) 47.28 Down -6.41% YTD

Dow stocks hitting 52-week highs include Amazon (AMZN) 188.76 (+0.03%), Goldman Sachs (GS) 443.80 (+0.03%) and Procter & Gamble (PG) 165.76 (+0.80%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -58 points.

Tuesday the Dow closed up +31.99 (+0.08%) at 38,884.26.

Year-to-date the Dow is up +3.17%.

Tuesday, (20) Dow stocks were up, none made 52-week lows and (3) made 52-week highs.

The Dow stock winners Tuesday were led by Merck (MRK) 130.38 (+2.20%), Dow (DOW) 58.36 (+1.78%) and Visa (V) 276.46 (+1.39%).

The Dow stock losers Tuesday were led by Disney DIS) 105.39 (-9.51%), 3M (MMM) 95.54 (-1.09%) and Microsoft (MSFT) 409.34 (-1.02%).

The VIX closed Tuesday at 13.23 (-1.93%) and the 10 YR at 4.451 (-0.63%). The VIX is currently at 13.46 (+1.74%). The 10YR is at 4.476 (+0.56%).

Shares of Intel slid 2.6% after the chipmaker updated its second-quarter outlook on a U.S. Commerce Department notice from Tuesday that said it was revoking certain licenses for exports of consumer-related items to a customer in China. Intel said it expects revenue to come out below the midpoint of its original range of $12.5 billion to $13.5 billion, according to a regulatory filing. This is the second time the company has lowered its quarterly guidance in less than two weeks, as the company previously lowered its range on April 25, per Bespoke Investment Group. For the full year, Intel still expects its revenue and earnings per share to grow year-over-year compared to 2023.

This morning we get economic data on wholesale inventories.

Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day.

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

The national average price of gasoline is unchanged at $3.640 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) reported earnings on 5/2/24 after the market close with $3.96, beating estimates of $3.756 per share.

Apple (AAPL) reported earnings on 5/2/24 after the market close with $1.53, beating estimates of $1.507 per share.

Disney (DIS) reported earnings on 5/7/24 before the market open with $1.21, beating estimates of $1.117 per share.

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

Cisco (CSCO)

Cisco (CSCO) 47.28 (+0.36%) is down -6.41% in 2024.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.29%
07:00 AM ET MBA Mortgage Applications (WoW), -2.3%
07:00 AM ET MBA Purchase Index, 141.7
07:00 AM ET Mortgage Market Index, 192.1
07:00 AM ET Mortgage Refinance Index, 456.9
10:00 AM ET Wholesale Inventories (MoM) (Mar), -0.4%, 0.5%
10:00 AM ET Wholesale Trade Sales (MoM) (Mar), 2.3%
10:00 AM ET Milk Auctions, 3,590.0
10:30 AM ET Crude Oil Inventories, -1.430M, 7.265M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.230M
10:30 AM ET Crude Oil Imports, 1.536M
10:30 AM ET Cushing Crude Oil Inventories, 1.089M
10:30 AM ET Distillate Fuel Production, -0.271M
10:30 AM ET EIA Weekly Distillates Stocks, -1.000M, -0.732M
10:30 AM ET Gasoline Production, 0.254M
10:30 AM ET Heating Oil Stockpiles, -0.179M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -1.0%
10:30 AM ET Gasoline Inventories, -1.180M, 0.344M
10:30 AM ET Natural Gas Storage, 59B
11:00 AM ET Fed Governor Jefferson Speaks
11:00 AM ET Thomson Reuters IPSOS PCSI (May), 53.44
11:45 AM ET Fed Collins Speaks
13:00 PM ET 10-Year Note Auction, 4.560%
13:30 PM ET Fed Governor Cook Speaks

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