The Dow Market Happenings For Thursday, May 23, 2024 – Coca Cola (KO) 63.00 Up +6.91% YTD

Dow stocks hitting 52-week highs include Walmart (WMT) 65.25 (+0.15%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +66 points.

Wednesday the Dow closed down -201.95 (-0.51%) at 39,671.04.

Year-to-date the Dow is up +5.26%.

Wednesday, (12) Dow stocks were up, none made 52-week lows and (1) made 52-week highs.

The Dow stock winners Wednesday were led by IBM (IBM) 173.47 (+2.09%), JPMorgan (JPM) 199.52 (+2.01%) and Goldman Sachs (GS) 470.41 (+1.61%).

The Dow stock losers Wednesday were led by 3M (MMM) 103.14 (-1.97%), Verizon (VZ) 39.62 (-1.25%) and Salesforce (CRM) 283.76 (-1.15%).

The VIX closed Wednesday at 12.29 (+3.63%) and the 10 YR at 4.424 (-0.27%). The VIX is currently at 11.73 (-4.56%). The 10YR is at 4.423 (-0.20%).

Federal Reserve officials are growing more concerned about their progress, or the lack thereof on inflation. In the Fed minutes from April 30-May 1, which were released Wednesday, members indicated that they lacked confidence in cutting interest rates. They voted unanimously to keep the benchmark short-term borrowing rate within the range of 5.25%-5.5%, where it has been since July 2023. Even though participants observed inflation easing over the past year, there ultimately had been “a lack of further progress” in recent months toward the committee’s 2% inflation target, the minutes’ summary stated.

Existing U.S. home sales for April fell 0.9% to 4.14 million, a sign the housing market may be cooling. Economists had expected an increase of 1.4% to 4.25 million from 4.19 million in March.

First-time claims for jobless benefits totaled 215,000 for the week ended May 18, down 8,000 from the previous period’s upwardly revised level, the Labor Department reported Thursday. Economists had been looking for 220,000. Continuing claims, which run a week behind, nudged higher to 1.794 million but that was just below the FactSet estimate.

Nvidia beats earnings and announces a 10 for 1 stock split.

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

The national average price of gasoline is up four-tenths of a cent at $3.615 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) reported earnings on 5/15/24 after the market close with $0.88, beating estimates of $0.699 per share.

Walmart (WMT) reported earnings on 5/16/24 before the market open with $0.60, beating estimates of $0.523 per share.

Salesforce (CRM) reports earnings on 5/29/24 after the market close.

Today’s Featured Dow Stock

Coca Cola (KO)

Coca Cola (KO) 63.00 (+0.14%) is up +6.91% in 2024.

Financial Calendar

08:30 AM ET Building Permits (MoM), -3.0%, -3.7%
08:30 AM ET Building Permits, 1.440M, 1.467M
08:30 AM ET Chicago Fed National Activity (Apr), 0.15
08:30 AM ET Continuing Jobless Claims, 1,794K
08:30 AM ET Initial Jobless Claims, 221K, 222K
08:30 AM ET Jobless Claims 4-Week Avg., 217.75K
09:45 AM ET S&P Global US Manufacturing PMI (May), 50.0, 50.0
09:45 AM ET S&P Global Composite PMI (May), 51.3, 51.3
09:45 AM ET S&P Global Services PMI (May), 51.2, 51.3
10:00 AM ET New Home Sales (Apr), 677K, 693K
10:00 AM ET New Home Sales (MoM) (Apr), 8.8%
10:30 AM ET Natural Gas Storage, 84B, 70B
11:00 AM ET KC Fed Composite Index (May), -8
11:00 AM ET KC Fed Manufacturing Index (May), -13
11:30 AM ET 4-Week Bill Auction, 5.270%
11:30 AM ET 8-Week Bill Auction, 5.270%
13:00 PM ET 10-Year TIPS Auction, 1.932%
15:00 PM ET FOMC Member Bostic Speaks
16:30 PM ET Fed’s Balance Sheet, 7,304B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.416T

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