Dow stocks hitting 52-week highs include Travelers (TRV) 273.65 (-0.81%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +87 points.

Wednesday the Dow closed down -244.95 (-0.58%) at 42,098.70.

Year-to-date the Dow is down -1.05%.

Wednesday, (4) Dow stocks were up, none made 52-week lows, and (1) made 52-week highs.

The Dow stock winners Wednesday were led by UnitedHealth (UNH) 298.11 (+1.05%), Boeing (BA) 201.50 (+0.23%) and Visa (V) 359.73 (+0.12%).

The Dow stock losers Wednesday were led by Merck (MRK) 76.17 (-1.83%), Nike (NKE) 61.78 (-1.67%) and Chevron (CVX) 136.02 (-1.31%).

The VIX closed Wednesday at 19.31 (+1.85%) and the 10 YR at 4.476 (+1.02%). The VIX is currently at 18.98 (-1.71%). The 10YR is at 4.461 (-0.38%).

A three-judge panel on the Court of International Trade dealt a major blow to Trump’s trade agenda Wednesday evening, ruling that the president exceeded his authority by unilaterally imposing his reciprocal tariffs. Finding that the 1977 law Trump invoked to impose his sweeping tariffs does not actually give him the power to do so, the court ordered a permanent halt to the duties and barred any future modifications. The ruling affects the reciprocal tariffs Trump levied against more than 180 countries and territories, as well as the tariffs levied against Canada, Mexico and China related to drug trafficking. Existing tariffs on specific products like aluminum and steel are not impacted. The Trump administration has 10 days to make the changes mandated by the judges’ ruling, which the administration has already appealed.

Nvidia (NVDA) earnings beat Wall Street’s top and bottom-line expectations Wednesday, reporting a 73% jump in data center sales year-over-year. The AI darling’s sales forecast of $45 billion for the current quarter was slightly below estimates, but the company said its guidance would have been $8 billion higher if it weren’t for losses from export curbs on its H20 chips. CEO Jensen Huang emphasized the effect of the chip controls on the earnings call, telling analysts that “the $50 billion China market is effectively closed to U.S. industry.” Still, revenue rose 69% from the same period last year. Shares of Nvidia were more than 5% higher Thursday morning on the results, which also sparked a rally in global semiconductor stocks.

At the Federal Reserve’s meeting earlier this month, officials worried that Trump’s tariffs could aggravate inflation and force them to make “difficult tradeoffs,” minutes released Wednesday showed. “Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer,” the minutes said. The Fed kept its benchmark interest rate steady in a range between 4.25%-4.5%, where it has been since December, with officials noting that the central bank was “well positioned to wait for more clarity on the outlooks for inflation and economic activity.”

Initial claims for unemployment insurance rose more than expected last week, pushed by an increase in Michigan, the Labor Department reported Thursday. Filings totaled a seasonally adjusted 240,000 for the week ending May 24, up 14,000 from the prior period and ahead of the Dow Jones estimate for 230,000. Continuing claims, which run a week behind, also showed an increase, up 26,000 to the highest level since Nov. 13, 2021. Claims rose by 3,329 in Michigan, according to unadjusted figures.

The Commerce Department reported that gross domestic product contracted at a 0.2% pace in the first quarter, according to numbers adjusted for seasonality and inflation. The number was 0.1 percentage point below the initial estimate and better than the forecast for 0.4%. Most of the decline came from a 42.6% explosion in imports, due to companies trying to get ahead of President Donald Trump’s tariffs. However, consumer spending rose a revised 1.2%, compared to the initial estimate of 1.8% and the slowest gain since Q2 of 2023. An upward revision in the gross private domestic investment gain to 24.4% helped offset the consumer slowdown.

Nvidia (NVDA) shares jumped in extended trading as investors cheered the mega-cap technology giant and artificial intelligence darling’s better-than-expected earnings report. The chip company earned an adjusted 96 cents per share on $44.06 billion in revenue for the first quarter. Analysts had anticipated 93 cents and $43.31 billion, respectively.

Salesforce (CRM) shares of the sales and customer service software maker rose about 1% after the company posted better-than-expected fiscal first-quarter results and lifted its full-year forecast. Salesforce reported earnings of $2.58 per share, excluding items, while analysts had expected $2.54 per share. The company’s revenue of $9.83 billion beat analysts’ consensus for $9.75 billion.

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

The national average price of gasoline is down 1.1 cents at $3.163 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/20/25 after the market close with $0.54, beating estimates of $0.279 per share.

JPMorgan (JPM) reports earnings on 4/11/25 before the market open with $5.07, beating estimates of $4.623 per share.

Goldman Sachs (GS) reports earnings on 4/14/25 before the market open with $14.12, beating estimates of $12.35 per share.

Johnson & Johnson (JNJ) reports earnings on 4/15/25 before the market open with $2.77, beating estimates of $2.567 per share.

Travelers (TRV) reports earnings on 4/16/25 before the market open with $1.91, beating estimates of $0.685 per share.

American Express (AXP) reports earnings on 4/17/25 before the market open with $3.64, beating estimates of $3.46 per share.

UnitedHealth (UNH) reports earnings on 4/17/25 before the market open with $7.20, missing estimates of $7.271 per share.

3M (MMM) reports earnings on 4/22/25 before the market open with $1.88, beating estimates of $1.765 per share.

Verizon (VZ) reports earnings on 4/22/25 before the market open with $1.19, beating estimates of $1.149 per share.

Boeing (BA) reports earnings on 4/23/25 before the market open with -$0.49, beating estimates of -$1.54 per share.

IBM (IBM) reports earnings on 4/23/25 after the market close with $1.60, beating estimates of $1.42 per share.

Merck (MRK) reports earnings on 4/24/25 before the market open with $2.22, beating estimates of $2.154 per share.

Procter & Gamble (PG) reports earnings on 4/24/25 before the market open with $1.54, meeting estimates of $1.535 per share.

Coca Cola (KO) reports earnings on 4/29/25 before the market open with $0.73, beating estimates of $0.712 per share.

Honeywell (HON) reports earnings on 4/29/25 before the market open with $2.51, beating estimates of $2.205 per share.

Sherwin Williams (SHW) reports earnings on 4/29/25 before the market open with $2.25, beating estimates of $2.18 per share.

Visa (V) reports earnings on 4/29/25 after the market close with $2.76, beating estimates of $2.677 per share.

Caterpillar (CAT) reports earnings on 4/30/25 before the market open with $4.25, missing estimates of $4.302 per share.

Microsoft (MSFT) reports earnings on 4/30/25 after the market close with $3.46, beating estimates of $3.201 per share.

McDonald’s (MCD) reports earnings on 5/1/25 before the market open with $2.67, beating estimates of $2.643 per share.

Amazon (AMZN) reports earnings on 5/1/25 after the market close with $1.59, beating estimates of $1.348 per share.

Apple (AAPL) reports earnings on 5/1/25 after the market close with $1.65, beating estimates of $1.61 per share.

Amgen (AMGN) reports earnings on 5/1/25 after the market close with $4.90, beating estimates of $4.158 per share.

Chevron (CVX) reports earnings on 5/2/25 before the market open with $2.18, beating estimates of $2.152 per share.

Disney (DIS) reports earnings on 5/7/25 before the market open with $1.45, beating estimates of $1.18 per share.

Cisco (CSCO) reports earnings on 5/14/25 after the market close with $0.96, beating estimates of $0.75 per share.

Walmart (WMT) reports earnings on 5/15/25 before the market open with $0.61, beating estimates of $0.574 per share.

Home Depot (HD) reports earnings on 5/20/25 before the market open with $3.56, missing estimates of $3.594 per share.

Salesforce (CRM) reports earnings on 5/28/25 after the market close with $2.58, beating estimates of $1.874 per share.

Nvidia (NVDA) reports earnings on 5/28/25 after the market close with $0.81, missing estimates of $0.822 per share.

Today’s Featured Dow Stock

Nvidia (NVDA)

Nvidia (NVDA) 134.81 (-0.51%) is up +0.39% in 2025. Earnings are out today after the close.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate 6.98%, 6.92%
07:00 AM ET MBA Mortgage Applications (WoW), -1.2%, -5.1%
07:00 AM ET MBA Purchase Index, 162.1, 157.8
07:00 AM ET Mortgage Market Index, 235.7, 238.5
07:00 AM ET Mortgage Refinance Index, 634.1, 682.5
08:30 AM ET FOMC Member Barkin Speaks
08:55 AM ET Redbook (YoY), 6.1%, 5.4%
09:00 AM ET FOMC Member Williams Speaks
10:00 AM ET Richmond Manufacturing Index (May), -9, -9, -13
10:00 AM ET Richmond Manufacturing Shipments (May), -10, -17
10:00 AM ET Richmond Services Index (May), -11, -7
10:30 AM ET Dallas Fed Services Revenues (May), -4.7, 3.8
10:30 AM ET Texas Services Sector Outlook (May), -10.1, -19.4
13:00 PM ET 5-Year Note Auction, 4.071%, 3.995%
14:00 PM ET FOMC Meeting Minutes