Dow stocks hitting 52-week highs include Caterpillar (CAT) 438.02 (+0.90%), Microsoft (MSFT) 533.50 (+3.95%) and Nvidia (NVDA) 177.87 (-0.78%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -420 points.

Thursday the Dow closed down -330.30 (-0.74%) at 44,230.98.

Year-to-date the Dow is up +3.73%.

Thursday, (8) Dow stocks were up, none made 52-week lows, and (3) made 52-week highs.

The Dow stock winners Thursday were led by Microsoft (MSFT) 533.50 (+3.95%), 3M (MMM) 149.22 (+1.77%) and Amazon (AMZN) 234.11 (+1.70%).

The Dow stock losers Thursday were led by UnitedHealth (UNH) 249.56 (-6.19%), Merck (MRK) 78.12 (-4.44%) and IBM (IBM) 253.15 (-2.73%).

The VIX closed Thursday at 16.72 (+8.01%) and the 10 YR at 4.373 (+0.34%). The VIX is currently at 18.79 (+12.38%). The 10YR is at 4.264 (-2.16%).

The July jobs report showed nonfarm payrolls expanded by 73,000 last month, well beneath the consensus estimate from economists that called for a 100,000 increase to payrolls. Prior months were significantly revised down. June job growth totaled just 14,000, down from 147,000. The May count came down to 19,000 from 125,000, signaling the labor market has been weakening for a while now. The numbers increased the odds that the Fed could act sooner than expected to cut rates and prop up the economy, a notion that helped stem stock losses. Traders place the odds of a September rate cut at 63% after the jobs figures. That’s a reversal from Wednesday, when the odds plummeted after Fed Chair Jerome Powell signaled the central bank needs to wait and evaluate the impact of tariffs on inflation before cutting.

Not helping sentiment overnight were Trump’s updated duties ranging from 10% to 41% overnight at the Aug. 1 deadline. Goods that have been transshipped in a bid to avoid the tariffs will face another 40% levy, according to the White House.

Chevron (CVX) reported second-quarter results that took a hit due to lower oil prices and the company’s acquisition of Hess. The company’s net income dropped about 44% to $2.49 billion from $4.43 billion in the prior year.

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

The national average price of gasoline is up four-tenths of a cent at $3.151 per gallon.

Earnings Reports

JPMorgan (JPM) reported earnings on 7/15/2025 before the market open with $5.24, beating estimates of $4.455 per share.

Goldman Sachs (GS) reported earnings on 7/16/2025 before the market open with $10.91, beating estimates of $9.821 per share.

Johnson & Johnson (JNJ) reported earnings on 7/16/2025 before the market open with $2.77, beating estimates of $2.65 per share.

Travelers (TRV) reported earnings on 7/17/2025 before the market open with $6.51, beating estimates of $3.51 per share.

3M (MMM) reported earnings on 7/18/2025 before the market open with $2.16, beating estimates of $2.011 per share.

American Express (AXP) reported earnings on 7/18/2025 before the market open with $4.08, beating estimates of $3.837 per share.

Verizon (VZ) reported earnings on 7/21/2025 before the market open with $1.22, beating estimates of $1.183 per share.

Coca Cola (KO) reported earnings on 7/22/2025 before the market open with $0.87, beating estimates of $3.837 per share.

Sherwin Williams (SHW) reported earnings on 7/22/2025 before the market open with $3.38, missing estimates of $3.75 per share.

IBM (IBM) reported earnings on 7/23/2025 after the market close with $2.80, beating estimates of $2.637 per share.

Honeywell (HON) reported earnings on 7/24/2025 before the market open with $2.75, beating estimates of $2.629 per share.

Boeing (BA) reported earnings on 7/29/2025 before the market open with -$0.847, missing estimates of -$1.24 per share.

Merck (MRK) reported earnings on 7/29/2025 before the market open with $2.13, beating estimates of $2.035 per share.

Procter & Gamble (PG) reported earnings on 7/29/2025 before the market open with $1.48, beating estimates of $1.423 per share.

UnitedHealth (UNH) reported earnings on 7/29/2025 before the market open with $4.08, missing estimates of $5.468 per share.

Visa (V) reported earnings on 7/29/2025 after the market close with $2.98, beating estimates of $2.839 per share.

Microsoft (MSFT) reported earnings on 7/30/2025 after the market close with $3.35, beating estimates of $3.65 per share.

Apple (AAPL) reported earnings on 7/31/2025 after the market close with $1.57, beating estimates of $1.419 per share.

Chevron (CVX) reported earnings on 8/1/2025 before the market open with $1.77, beating estimates of $1.544 per share.

Caterpillar (CAT) reports earnings on 8/5/2025 before the market open.

Amgen (AMGN) reports earnings on 8/5/2025 after the market close.

Disney (DIS) reports earnings on 8/6/2025 before the market open.

McDonald’s (MCD) reports earnings on 7/6/2025 before the market open.

Amazon (AMZN) reports earnings on 8/7/2025 after the market close.

Cisco (CSCO) reports earnings on 8/13/2025 after the market close.

Home Depot (HD) reports earnings on 8/19/2025 before the market open.

Today’s Featured Dow Stock

Caterpillar (CAT)

Caterpillar (CAT) 438.02 (+0.90%) is up +20.75% in 2025.

Financial Calendar

08:00 AM ET Dallas Fed PCE (Jun), 2.00%
08:30 AM ET Average Hourly Earnings (YoY) (YoY) (Jul), 3.8%, 3.7%
08:30 AM ET Average Hourly Earnings (MoM) (Jul), 0.3%, 0.2%
08:30 AM ET Average Weekly Hours (Jul), 34.2, 34.2
08:30 AM ET Government Payrolls (Jul), 73.0K
08:30 AM ET Manufacturing Payrolls (Jul), -3K, -7K
08:30 AM ET Nonfarm Payrolls (Jul), 106K, 147K
08:30 AM ET Participation Rate (Jul), 62.3%
08:30 AM ET Private Nonfarm Payrolls (Jul), 100K, 74K
08:30 AM ET U6 Unemployment Rate (Jul), 7.7%
08:30 AM ET Unemployment Rate (Jul), 4.2%, 4.1%
09:45 AM ET S&P Global Manufacturing PMI (Jul), 49.5, 52.9
10:00 AM ET Construction Spending (MoM) (Jun), 0.0%, -0.3%
10:00 AM ET ISM Manufacturing Employment (Jul), 45.0
10:00 AM ET ISM Manufacturing New Orders Index (Jul), 46.4
10:00 AM ET ISM Manufacturing PMI (Jul), 49.5, 49.0
10:00 AM ET ISM Manufacturing Prices (Jul), 69.8, 69.7
10:00 AM ET Michigan 1-Year Inflation Expectations (Jul), 4.4%, 5.0%
10:00 AM ET Michigan 5-Year Inflation Expectations (Jul), 3.6%, 4.0%
10:00 AM ET Michigan Consumer Expectations (Jul), 58.6, 58.1
10:00 AM ET Michigan Consumer Sentiment (Jul), 61.8, 60.7
10:00 AM ET Michigan Current Conditions (Jul), 66.8, 64.8
13:00 AM ET Atlanta Fed GDPNow (Q3), 2.3%, 2.3%
13:00 AM ET U.S. Baker Hughes Oil Rig Count, 415
13:00 AM ET U.S. Baker Hughes Total Rig Count, 542
15:30 AM ET CFTC Aluminium speculative net positions, 0.5K
15:30 AM ET CFTC Copper speculative net positions, 39.8K
15:30 AM ET CFTC Corn speculative net positions, -133.9K
15:30 AM ET CFTC Crude Oil speculative net positions, 153.3K
15:30 AM ET CFTC Gold speculative net positions, 253.0K
15:30 AM ET CFTC Nasdaq 100 speculative net positions, 30.7K
15:30 AM ET CFTC Natural Gas speculative net positions, -77.6K
15:30 AM ET CFTC S&P 500 speculative net positions, -168.5K
15:30 AM ET CFTC Silver speculative net positions, 60.6K
15:30 AM ET CFTC Soybeans speculative net positions, 36.0K
15:30 AM ET CFTC Wheat speculative net positions, -53.9K