Dow stocks hitting 52-week highs include Coca Cola (KO) 69.33 (+2.02%) and UnitedHealth (UNH) 589.83 (+2.98%). Dow stock 52-week lows include Intel (INTC) 21.48 (-26.06%).

The Market

Premarket today, the Dow was indicated to be down -1242 points (-3.11%).

Friday the Dow closed down -39,737.26 (-1.51%) at 39,737.26.

Year-to-date the Dow is up +5.43%.

Friday, (11) Dow stocks were up, (1) made 52-week lows and (2) made 52-week highs.

The Dow stock winners Friday were led by UnitedHealth (UNH) 589.83 (+2.98%), McDonald’s (MCD) 276.69 (+2.95%) and Procter & Gamble (PG) 170.08 (+2.65%).

The Dow stock losers Friday were led by Intel (INTC) 21.48 (-26.06%), Amazon (AMZN) 167.90 (-8.78%) and American Express (AXP) 232.28 (-6.59%).

The VIX closed Friday at 23.39 (+25.82%) and the 10 YR at 3.749 (-1.03%). The VIX is currently at 62.17 (+165.80%). The 10YR is at 3.676 (-2.96%).

Last Friday, the Jobs Report said nonfarm payrolls increased by only 114,000 in July. That’s down from the 179,000 jobs that were added in June and well below the expected 185,000 by economists. With that, the unemployment rate rose to 4.3%, which is the highest since October 2021. The Dow fell -1.51% on that. This morning it is currently down -3.06%.

Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week. There’s also an unwinding of the once-hot artificial intelligence trade going on.

Apple (AAPL) cratered more than 8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone-maker in half.

In Asia overnight, Japan stocks confirmed a bear market as Asia-Pacific investors had their first chance to react to the sour jobs figures in the U.S. from Friday. The 12.4% loss on the Nikkei — which closed at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987 hit Wall Street. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Dow lost more than 22% in a single day on Black Monday.

U.S. Treasury yields tumbled on the recession fears and as investors flooded into bonds for a global safe haven. Bond prices move inversely to yields. The benchmark 10-year note on Friday yielded 3.76%, down from where it was one week previously at 4.20% and the lowest in a year.

Bitcoin tumbled from nearly $62,000 Friday to around $52,000 on Monday.

Traders are thinking there will be an emergency 0.25% rate cut this week and are pricing in five rate cuts this year.

The VIX index, a measurement of market volatility, is crazily up +165.80% at 62.17. I don’t remember ever seeing a jump that large.

The July ISM Services PMI, which measures the performance of services companies, is expected to show a rise to 50.9 from 48.8 previously. The data is due out Monday at 10 a.m. ET.

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

The national average price of gasoline is down two-tenths of a cent at $3.472 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 6/27/24 after the market close with $1.01, beating estimates of $0.83 per share.

JPMorgan (JPM) reported earnings on 7/12/24 before the market open with $6.12, beating estimates for $4.192 per share.

Goldman Sachs (GS) reports earnings on 7/15/24 before the market open with $8.62, beating estimates for $8.522 per share.

UnitedHealth (UNH) reported earnings on 7/16/24 before the market open with $6.80, beating estimates for $6.646 per share.

Johnson & Johnson (JNJ) reported earnings on 7/17/24 before the market open with $2.82, beating estimates for $2.71 per share.

American Express (AXP) reported earnings on 7/19/24 before the market open with $3.49, beating estimates for $3.24 per share.

Travelers (TRV) reported earnings on 7/19/24 before the market open with $2.51, beating estimates for $2.224 per share.

Verizon (VZ) reported earnings on 7/22/24 before the market open with $1.15, beating estimates for $1.141 per share.

Coca Cola (KO) reported earnings on 7/23/24 before the market open with $0.84, beating estimates for $0.802 per share.

Visa (V) reported earnings on 7/23/24 after the market close with $2.42, beating estimates for $2.411 per share.

IBM (IBM) reported earnings on 7/24/24 after the market close with $2.43, beating estimates for $2.16 per share.

Dow (DOW) reported earnings on 7/25/24 before the market open with $0.68, missing estimates for $0.718 per share.

Honeywell (HON) reported earnings on 7/25/24 before the market open with $2.49, beating estimates for $2.418 per share.

McDonald’s (MCD) reported earnings on 7/29/24 before the market open with $2.79, missing estimates for $3.079 per share.

3M (MMM) reports earnings on 7/26/24 before the market open with $1.93, beating estimates for $1.662 per share.

Merck (MRK) reported earnings on 7/30/24 before the market open with $2.728, beating estimates for $2.156 per share.

Procter & Gamble (PG) reported earnings on 7/30/24 before the market open with $1.40, beating estimates for $1.367 per share.

Microsoft (MSFT) reports earnings on 7/30/24 after the market close with $2.95, beating estimates for $2.899 per share.

Boeing (BA) reported earnings on 7/31/24 before the market open with -$2.90, missing estimates for -$1.681 per share.

Apple (AAPL) reported earnings on 8/1/24 after the market close with $1.40, beating estimates for $1.342 per share.

Amazon (AMZN) reported earnings on 8/1/24 after the market close with $1.26, beating estimates for $1.046 per share.

Intel (INTC) reported earnings on 8/1/24 after the market close with $0.02, beating estimates for -$0.115 per share.

Chevron (CVX) reported earnings on 8/2/24 before the market open with $2.55, missing estimates for $2.879 per share.

Caterpillar (CAT) reports earnings on 8/6/24 before the market open.

Amgen (AMGN) reports earnings on 8/6/24 after the market close.

Disney (DIS) reports earnings on 8/7/24 before the market open.

Home Depot (HD) reports earnings on 8/13/24 before the market open.

Cisco (CSCO) reports earnings on 8/14/24 after the market close.

Walmart (WMT) reports earnings on 8/15/24 before the market open.

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 46.66 (-1.54%) is down -7.64% in 2024.

Financial Calendar

09:45 AM ET S&P Global Composite PMI (Jul), 55.0, 54.8
09:45 AM ET S&P Global Services PMI (Jul), 56.0, 55.3
10:00 AM ET CB Employment Trends Index (Jul), 110.27
10:00 AM ET ISM Non-Manufacturing Business Activity (Jul), 49.6
10:00 AM ET ISM Non-Manufacturing Employment (Jul), 46.1
10:00 AM ET ISM Non-Manufacturing New Orders (Jul), 47.3
10:00 AM ET ISM Non-Manufacturing PMI (Jul), 51.0, 48.8
10:00 AM ET ISM Non-Manufacturing Prices (Jul), 56.3
11:30 AM ET 3-Month Bill Auction, 5.145%
11:30 AM ET 6-Month Bill Auction, 4.930%
14:00 PM ET Loan Officer Survey
17:00 PM ET FOMC Member Daly Speaks