The Dow Market Happenings For Wednesday, June 5, 2024 – UnitedHealth (UNH) 505.49 Down -3.99% YTD

Dow stocks hitting 52-week highs include Coca Cola (KO) 63.94 (+1.60%) and Walmart (WMT) 66.60 (+1.19%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +68 points.

Tuesday the Dow closed up +140.26 (+0.38%) at 38,711.29.

Year-to-date the Dow is up +2.71%.

Tuesday, (21) Dow stocks were up, none made 52-week lows and (2) made 52-week highs.

The Dow stock winners Tuesday were led by Honeywell (HON) 207.23 (+2.36%), Boeing (BA) 188.62 (+2.19%) and Cisco (CSCO) 47.42 (+1.65%).

The Dow stock losers Tuesday were led by Dow (DOW) 55.15 (-1.64%), JPMorgan (JPM) 199.16 (-1.32%) and 3M (MMM) 98.61 (-1.15%).

The VIX closed Tuesday at 13.16 (+0.38%) and the 10 YR at 4.336 (+0.07%). The VIX is currently at 12.98 (-1.37%). The 10YR is at 4.328 (-0.18%).

Tuesday morning, the job opening and labor turnover data came out, known as JOLTS, which showed 8.059 million vacancies in April, the lowest level in more than three years. It also came in well below the 8.4 million consensus forecast from economists.

Amazon’s first U.S. labor union said Tuesday it has taken steps to affiliate with the International Brotherhood of Teamsters. The Amazon Labor Union was formed in 2021 as a grassroots group of current and former workers and won a historic union election in Staten Island, New York. But it’s struggled to negotiate a contract with Amazon and rifts have formed in its ranks. The support of the Teamsters could give the ALU some additional weight to jumpstart its negotiations with Amazon, but the move still needs to be ratified by the Teamsters and the ALU.

This morning we got the ADP Report. Private job creation slowed more than expected in May that signals further sluggishness in the labor market. The payroll processing firm said that companies added 152,000 jobs on the month, fewer than the downwardly revised 188,000 in April and below the consensus estimate for 175,000. This was the lowest monthly level since February.

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

The national average price of gasoline is down 1.5 cents at $3.503 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 6/27/24 after the market close.

Today’s Featured Dow Stock

UnitedHealth (UNH)

UnitedHealth (UNH) 505.49 (+1.62%) is down -3.99% in 2024.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 7.05%
07:00 AM ET MBA Mortgage Applications (WoW), -5.7%
07:00 AM ET MBA Purchase Index, 138.4
07:00 AM ET Mortgage Market Index, 190.3
07:00 AM ET Mortgage Refinance Index, 463.8
08:15 AM ET ADP Nonfarm Employment Change (May), 173K, 192K
09:45 AM ET S&P Global Composite PMI (May), 54.4, 51.3
09:45 AM ET S&P Global Services PMI (May), 54.8, 51.3
10:00 AM ET Dallas Fed PCE (Apr), 2.90%
10:00 AM ET ISM Non-Manufacturing Business Activity (May), 50.9
10:00 AM ET ISM Non-Manufacturing Employment (May), 45.9
10:00 AM ET ISM Non-Manufacturing New Orders (May), 52.2
10:00 AM ET ISM Non-Manufacturing PMI (May), 51.0, 49.4
10:00 AM ET ISM Non-Manufacturing Prices (May), 59.2
10:00 AM ET Total Vehicle Sales, 15.80M, 15.74M
10:00 AM ET Milk Auctions, 3,861.0
10:30 AM ET Crude Oil Inventories, -4.156M
10:30 AM ET EIA Refinery Crude Runs (WoW), 0.601M
10:30 AM ET Crude Oil Imports, 0.611M
10:30 AM ET Cushing Crude Oil Inventories, -1.766M
10:30 AM ET Distillate Fuel Production, -0.034M
10:30 AM ET EIA Weekly Distillates Stocks, 2.544M
10:30 AM ET Gasoline Production, -0.038M
10:30 AM ET Heating Oil Stockpiles, -0.211M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 2.6%
10:30 AM ET Gasoline Inventories, 2.022M

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