Dow stocks hitting 52-week highs include Visa (V) 290.16 (+2.94%). There were no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -239 points.

Wednesday the Dow closed down -91.51 (-0.22%) at 42,141.54.

Year-to-date the Dow is up +11.81%.

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

The Dow stock winners Tuesday were led by Visa (V) 290.16 (+2.94%), American Express (AXP) 274.08 (+1.35%) and Merck (MRK) 104.83 (+1.06%).

The Dow stock losers Tuesday were led by IBM (IBM) 204.90 (-2.63%), Intel (INTC) 22.30 (-2.62%) and Nike (NKE) 76.45 (-2.49%).

The VIX closed Tuesday at 20.35 (+5.22%) and the 10 YR at 4.280 (+0.71%). The VIX is currently at 21.22 (+4.23%). The 10YR is at 4.284 (+0.80%).

Announced layoffs in October rose 51% from a year ago, bringing the 2024 total to its highest level since the Covid-scarred 2020, according to outplacement firm Challenger, Gray & Christmas. Companies listed 55,597 job cuts for the month, which actually showed a 23.7% decline from September, Challenger reported Thursday. The total, though, is 51% higher than October 2023. When looked at on a year-to-date basis, layoffs are up 3.7% in 2024 to 664,839. That’s the highest since 2020, and excluding the pandemic is the most since 2009. The bulk of the October cuts came from aerospace and defense and were specifically related to the Boeing strike, the report said.

The latest personal consumption expenditures price index showed inflation rose 2.1% year-over-year in September and 0.2% for the month, which was in-line with estimates. The PCE reading is the Federal Reserve’s preferred inflation gauge. The core figure, which excludes energy and food, rose 0.3% on a month over month basis. On a yearly basis, the figure came in at 2.7% and slightly ahead of the 2.6% expected.

Thursday’s PCE reading, along with Friday’s October payrolls report, will inform the Fed’s interest rate decision on Nov. 7 when it ends its two-day policy meeting.

Weekly jobless claims data for the week ending Oct. 26 came in at 216,000, behind the 230,000 expected by economists.

Microsoft (MSFT) slid nearly 4% after its revenue guidance for the fiscal second quarter disappointed investors. Microsoft’s outlook called for revenue to range between $68.1 billion to $69.1 billion. Analysts expected $69.83 billion.

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

The national average price of gasoline is down four-tenths of a cent at $3.131 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 10/1/24 after the market close with $0.70, beating estimates for $0.514 per share.

JPMorgan (JPM) reported earnings on 10/11/24 before the market open with $4.37, beating estimates of $4.01 per share.

Goldman Sachs (GS) reported earnings on 10/15/24 before the market open with $8.40, beating estimates of $6.89 per share.

Johnson & Johnson (JNJ) reported earnings on 10/15/24 before the market open with $2.41, beating estimates for $2.217 per share.

UnitedHealth (UNH) reported earnings on 10/15/24 before the market open with $7.15, beating estimates for $7.015 per share.

Travelers (TRV) reported earnings on 10/17/24 before the market open with $5.24, beating estimates for $3.794 per share.

American Express (AXP) reports earnings on 10/18/24 before the market open with $3.49, beating estimates for $3.266 per share.

Procter & Gamble (PG) reports earnings on 10/18/24 before the market open with $1.93, beating estimates for $1.898 per share.

3M (MMM) reported earnings on 10/22/24 before the market open with $1.98, beating estimates for $1.93 per share.

Verizon (VZ) reported earnings on 10/22/24 before the market open with $1.19, beating estimates for $1.181 per share.

Boeing (BA) reported earnings on 10/23/24 before the market open with -$10.44, missing estimates for -$10.337 per share.

Coca Cola (KO) reported earnings on 10/23/24 before the market open with $0.77, beating estimates for $0.743 per share.

IBM (IBM) reported earnings on 10/23/24 after the market close with $2.30, beating estimates for $2.265 per share.

Dow (DOW) reported earnings on 10/24/24 before the market open with $0.47, beating estimates for $0.464 per share.

Honeywell (HON) reported earnings on 10/24/24 before the market open with $2.58, beating estimates for $2.501 per share.

McDonald’s (MCD) reported earnings on 10/29/24 before the market open with $3.23, beating estimates for $3.181 per share.

Visa (V) reported earnings on 10/29/24 after the market close with $2.71, beating estimates for $2.581 per share.

Caterpillar (CAT) reported earnings on 11/05/24 before the market open with $5.17, missing estimates for $5.33 per share.

Amgen (AMGN) reports earnings on 10/30/24 after the market close with $5.58, beating estimates for $5.109 per share.

Microsoft (MSFT) reported earnings on 10/30/24 after the market close with $3.30, beating estimates for $3.083 per share.

Merck (MRK) reported earnings on 10/31/24 before the market open with $1.57, beating estimates for $1.504 per share.

Intel (INTC) reports earnings on 10/31/24 after the market close.

Amazon (AMZN) reports earnings on 10/31/24 after the market close.

Apple (AAPL) reports earnings on 10/31/24 after the market close.

Intel (INTC) reports earnings on 10/31/24 after the market close.

Chevron (CVX) reports earnings on 11/01/24 before the market open.

Home Depot (HD) reports earnings on 11/12/24 before the market open.

Cisco (CSCO) reports earnings on 11/13/24 after the market close.

Disney (DIS) reports earnings on 11/14/24 before the market open.

Walmart (WMT) reports earnings on 11/19/24 before the market open.

Today’s Featured Dow Stock

Chevron (CVX)

Chevron (CVX) 148.05 (-0.32%) is down -0.74% in 2024.

Financial Calendar

07:30 AM ET Challenger Job Cuts (Oct), 72.821K
07:30 AM ET Challenger Job Cuts (YoY), 53.4%
08:30 AM ET Continuing Jobless Claims, 1,890K, 1,897K
08:30 AM ET Core PCE Price Index (YoY) (Sep), 2.7%
08:30 AM ET Core PCE Price Index (MoM) (Sep), 0.3%, 0.1%
08:30 AM ET Employment Benefits (QoQ) (Q3), 1.00%
08:30 AM ET Employment Cost Index (QoQ) (Q3), 0.9%, 0.9%
08:30 AM ET Employment Wages (QoQ) (Q3), 0.90%
08:30 AM ET Initial Jobless Claims, 229K, 227K
08:30 AM ET Jobless Claims 4-Week Avg., 238.50K
08:30 AM ET PCE Price index (YoY) (Sep), 2.1%, 2.2%
08:30 AM ET PCE price index (MoM) (Sep), 0.2%, 0.1%
08:30 AM ET Personal Income (MoM) (Sep), 0.3%, 0.2%
08:30 AM ET Personal Spending (MoM) (Sep), 0.4%, 0.2%
08:30 AM ET Real Personal Consumption (MoM) (Sep), 0.1%
09:00 AM ET Dallas Fed PCE (Sep), 1.50%
09:45 AM ET Chicago PMI (Oct), 47.1, 46.6
10:30 AM ET Natural Gas Storage, 79B, 80B
11:30 AM ET 4-Week Bill Auction, 4.650%
11:30 AM ET 8-Week Bill Auction, 4.590%
11:30 AM ET Atlanta Fed GDPNow, 2.8%, 2.8%
16:30 PM ET Fed’s Balance Sheet, 7,029B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.228T