The Dow Market Happenings For Thursday, May 30, 2024 – Microsoft (MSFT) 429.17 Up +14.13% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include Salesforce (CRM) 271.62 (+0.66%).

The Market

Premarket today, the Dow was indicated to be down -329 points.

Wednesday the Dow closed down -411.32 (-1.06%) at 38,441.54.

Year-to-date the Dow is up +2.00%.

Wednesday, (10) Dow stocks were up, (1) made 52-week lows and none made 52-week highs.

The Dow stock winners Wednesday were Salesforce (CRM) 271.62 (+0.66%), Apple (AAPL) 190.29 (+.16%) and Johnson & Johnson (JNJ) 144.44 (+0.04%).

The Dow stock losers Wednesday were led by UnitedHealth (UNH) 484.72 (-3.76%), Intel (INTC) 30.13 (-2.99%) and Caterpillar (CAT) 338.11 (-2.41%).

The VIX closed Wednesday at 14.28 (+10.53%) and the 10 YR at 4.616 (-0.09%). The VIX is currently at 14.30 (+0.14%). The 10YR is at 4.565 (-1.19%).

Salesforce (CRM) plunged more than 15% after missing revenue expectations for the fiscal first quarter. The company’s earnings and revenue outlook for the second quarter also fell short of the Street’s estimates.

Real gross domestic product accelerated at a 1.3% annualized rate in the first quarter, down from the initial 1.6% estimate but a bit bitter than the 1.2% Dow Jones forecast. A reduction on consumption, from 2.5% growth to 2%, accounted for much of the downward revision.

On inflation, the chain-weighted price index, which accounts for adjustments in consumer behavior, rose 3% for the period, 0.1 percentage point lower than the first estimate. Economists had been looking for 3.1%.

This morning, the Labor Department reported that initial unemployment claims totaled 219,000 for the week ended May 25, up 3,000 from the previous period but close to the forecast for 218,000. Continuing claims nudged higher to 1.791 million.

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

The national average price of gasoline is down six-tenths of a cent at $3.569 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) reported earnings on 5/29/24 after the market close with $2.44, beating estimates of $1.818 per share.

Today’s Featured Dow Stock

Microsoft (MSFT)

Microsoft (MSFT) 429.17 (-0.27%) is up +14.13% in 2024.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,800K, 1,794K
08:30 AM ET Core PCE Prices (Q1), 3.70%, 2.00%
08:30 AM ET Corporate Profits (QoQ) (Q1), 3.9%, 3.7%
08:30 AM ET GDP (QoQ) (Q1), 1.6%, 3.4%
08:30 AM ET GDP Price Index (QoQ) (Q1), 3.1%, 1.7%
08:30 AM ET GDP Sales (Q1), 2.0%, 3.9%
08:30 AM ET Goods Trade Balance (Apr), -91.90B, -91.54B
08:30 AM ET Initial Jobless Claims, 218K, 215K
08:30 AM ET Jobless Claims 4-Week Avg., 219.75K
08:30 AM ET PCE Prices (Q1), 3.4%, 1.8%
08:30 AM ET Real Consumer Spending (Q1), 2.5%, 3.3%
08:30 AM ET Retail Inventories Ex Auto (Apr), -0.2%
08:30 AM ET Wholesale Inventories (MoM), 0.0%, -0.4%
10:00 AM ET Pending Home Sales (MoM) (Apr), -1.1%, 3.4%
10:00 AM ET Pending Home Sales Index (Apr), 78.2
10:30 AM ET Natural Gas Storage, 78B
11:00 AM ET Crude Oil Inventories, -1.900M, 1.825M
11:00 AM ET EIA Refinery Crude Runs (WoW), 0.227M
11:00 AM ET Crude Oil Imports, -0.676M
11:00 AM ET Cushing Crude Oil Inventories, 1.325M
11:00 AM ET Distillate Fuel Production, 0.260M
11:00 AM ET EIA Weekly Distillates Stocks, 0.400M, 0.379M
11:00 AM ET Gasoline Production, 0.351M
11:00 AM ET Heating Oil Stockpiles, 0.477M
11:00 AM ET EIA Weekly Refinery Utilization Rates (WoW), 1.3%
11:00 AM ET Gasoline Inventories, 1.000M, -0.945M
11:30 AM ET 4-Week Bill Auction, 5.270%
11:30 AM ET 8-Week Bill Auction, 5.275%
12:05 PM ET FOMC Member Williams Speaks
16:30 PM ET Fed’s Balance Sheet, 7,300B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.391T
17:00 PM ET Fed Logan Speaks

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