DJIA Market Happenings For Thursday, June 6, 2024 – Visa (V) 274.50 Up +5.44% YTD

Dow stocks hitting 52-week highs include Coca Cola (KO) 63.92 (-0.03%) and Walmart (WMT) 67.09 (+0.74%). Dow stock 52-week lows include Cisco (CSCO) 46.02 (-2.95%).

The Market

Premarket today, the Dow was indicated to be down -20 points.

Wednesday the Dow closed up +96.04 (+0.25%) at 38,807.33.

Year-to-date the Dow is up +2.97%.

Wednesday, (17) Dow stocks were up, (1) made 52-week lows and (2) made 52-week highs.

The Dow stock winners Wednesday were led by Intel (INTC) 30.78 (+2.50%), Microsoft (MSFT) 424.01 (+1.91%) and Goldman Sachs (GS) 461.68 (+1.40%).

The Dow stock losers Wednesday were led by Cisco (CSCO) 6.02 (-2.95%), Disney (DIS) 101.50 (-1.77%) and Johnson & Johnson (JNJ) 145.97 (-1.24%).

The VIX closed Wednesday at 13.16 (+0.38%) and the 10 YR at 4.281 (-0.14%). The VIX is currently at 12.64 (+0.08%). The 10YR is at 4.306 (+0.04%).

Boeing launched the first crewed flight of its long-delayed Starliner spacecraft Wednesday, taking off at 10:52 a.m. ET from Cape Canaveral, Florida. With two NASA astronauts onboard — Butch Wilmore and Suni Williams — the flight is set to fly in space for about 25 hours before planning to dock with the International Space Station around midday on Thursday. The astronauts will then spend about a week on the station before returning to Earth. Meanwhile, down on Earth, Boeing CEO Dave Calhoun is set to testify in a Senate hearing about whistleblower safety allegations and quality controls of Boeing aircraft on June 18.

Tomorrow we get the nonfarm payrolls report for May, with investors on the hunt for signs of a weakening labor market, which could support rate cuts from the Federal Reserve. Private payrolls data from ADP released Wednesday showed a slowdown in hiring.

This morning, initial filings for unemployment benefits for the week ending June 1 totaled 229,000, up 8,000 from the previous week and higher than the 220,000 estimate, according to the Labor Department. Continuing claims were little changed at 1.79 million. The trade deficit for April rose to $74.6 billion, up $6 billion from March but lower than the $76.5 billion Dow Jones estimate, according to the Census Bureau. Revisions showed nonfarm productivity up 0.2% for the first quarter while unit labor costs increased 4%, according to the Bureau of Labor Statistics. Economists were looking for flat productivity and a 5% rise in labor costs.

The European Central Bank lowered benchmark interest rates Thursday for the first time in nearly five years, taking the lead for global central banks on policy loosening. In a widely expected move, the ECB cut its three key rates by 25 basis points, or a 0.25 percentage point. That takes respective rates on refinancing, marginal lending and deposits to 4.25%, 4.5% and 3.75%.

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

The national average price of gasoline is down 1.6 cents at $3.487 per gallon.

Earnings Reports

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

Today’s Featured Dow Stock

Visa (V)

Visa (V) 274.50 (+0.76%) is up +5.44% in 2024.

Financial Calendar

07:30 AM ET Challenger Job Cuts (YoY), -3.3%
07:30 AM ET Challenger Job Cuts (May), 64.789K
08:30 AM ET Continuing Jobless Claims, 1,790K, 1,791K
08:30 AM ET Exports, 257.60B
08:30 AM ET Imports, 327.00B
08:30 AM ET Initial Jobless Claims, 220K, 219K
08:30 AM ET Jobless Claims 4-Week Avg., 222.50K
08:30 AM ET Nonfarm Productivity (QoQ) (Q1), 0.3%, 3.2%
08:30 AM ET Trade Balance (Apr), -76.20B, -69.40B
08:30 AM ET Unit Labor Costs (QoQ) (Q1), 4.7%, 0.4%
10:00 AM ET Total Vehicle Sales, 15.80M, 15.74M
10:30 AM ET Atlanta Fed GDPNow (Q2), 1.8%, 1.8%
10:30 AM ET Natural Gas Storage, 89B, 84B
11:30 AM ET 4-Week Bill Auction, 5.270%
11:30 AM ET 8-Week Bill Auction, 5.275%

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