DJIA Market Happenings For Tuesday, May 14, 2024 – Goldman Sachs (GS) 453.56 Up +17.57% YTD

Dow stocks hitting 52-week highs include American Express (AXP) 238.65 (-1.51%) and Procter & Gamble (PG) 165.87 (-0.59%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +37 points.

Monday the Dow closed down -81.33 (-0.21%) at 39,431.51.

Year-to-date the Dow is up +4.62%.

Monday, (13) Dow stocks were up, none made 52-week lows and (2) made 52-week highs.

The Dow stock winners Monday were led by Intel (INTC) 30.51 (+2.21%), Nike (NKE) 92.72 (+1.96%) and Apple (AAPL) 186.28 (+1.76%).

The Dow stock losers Monday were led by Home Depot (HD) 340.96 (-1.58%), American Express (AXP) 238.65 (-1.51%) and McDonald’s (MCD) 271.32 (-1.34%).

The VIX closed Monday at 13.60 (+8.37%) and the 10 YR at 4.484 (+0.18%). The VIX is currently at 13.69 (+0.66%). The 10YR is at 4.458 (-0.40%).

The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% economists had anticipated. However, March’s PPI reading was revised to a 0.1% decline.

Home Depot (HD) earnings topped Wall Street estimates for the sixteenth quarter in a row. But despite that, earnings per share fell 5% from a year ago – the fifth straight quarter of year-over-year declines. That also comes after earnings fell more than 6% in the year ago quarter – with earnings now down 11% from two years ago. The home improvement retailer posted its third revenue miss in the last six quarters. Revenues are now down 6% from two years ago after falling 2.3% in the just-completed quarter and declining 4.2% in the year-ago period. Meanwhile, same-store sales dropped 2.8% in the latest quarter on lower average ticket and customer transactions. CEO Ted Decker cited a “a delayed start to spring and continued softness in certain larger discretionary projects.” It was the third consecutive quarter that both average ticket and transactions fell, with the number of transactions contracting on a year-over-year basis for the 12th consecutive quarter.

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

The national average price of gasoline is down seven-tenths of a cent at $3.612 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) reported earnings on 5/14/24 before the market open with $3.63, beating estimates of $3.611 per share.

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

Goldman Sachs (GS)

Goldman Sachs (GS) 453.56 (-0.26%) is up +17.57% in 2024.

Financial Calendar

06:00 AM ET NFIB Small Business Optimism (Apr), 88.1, 88.5
07:00 AM ET OPEC Monthly Report
08:30 AM ET PPI ex. Food/Energy/Transport (MoM) (Apr), 0.2%
08:30 AM ET PPI ex. Food/Energy/Transport (YoY) (Apr), 2.8%
08:30 AM ET Core PPI (MoM) (Apr), 0.2%, 0.2%
08:30 AM ET Core PPI (YoY) (Apr), 2.4%, 2.4%
08:30 AM ET PPI (YoY) (Apr), 2.2%, 2.1%
08:30 AM ET PPI (MoM) (Apr), 0.3%, 0.2%
08:55 AM ET Redbook (YoY), 6.0%
09:10 AM ET Fed Governor Cook Speaks
10:00 AM ET Fed Chair Powell Speaks
11:30 AM ET 52-Week Bill Auction, 4.915%
16:30 PM ET API Weekly Crude Oil Stock, 1.000M, 0.509M

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