Dow stocks hitting 52-week highs include Goldman Sachs (GS) 744.69 (+0.18%). There were no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -151 points.

Wednesday the Dow closed up +463.66 (+1.04%) at 44,922.27.

Year-to-date the Dow is up +5.59%.

Wednesday, (24) 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) 271.81 (+3.91%), Nike (NKE) 77.20 (+3.07%) and Merck (MRK) 82.71 (+3.00%).

The Dow stock losers Wednesday were led by Walmart (WMT) 100.99 (-2.54%) and Cisco (CSCO) 70.40 (-1.37%).

The VIX closed Wednesday at 14.49 (-1.63%) and the 10 YR at 4.237 (-1.33%). The VIX is currently at 15.15 (+4.55%). The 10YR is at 4.256 (+0.52%).

The producer price index, a measure of wholesale U.S. inflation, rose much more than expected in July — throwing some cold water on the notion that lower Federal Reserve rates later in the year are a guarantee. PPI increased by 0.9% last month. Economists expected PPI to increase by 0.2% month over month. It was the biggest monthly gain since June 2022. Excluding food and energy prices, core PPI rose 0.9% against the forecast for 0.3%. Excluding food, energy and trade services, the index was up 0.6%, the biggest gain since March 2022. On an annual basis, headline PPI increased 3.3%, the biggest 12-month move since February and well above the Fed’s 2% inflation target. In addition, 30% of the increase in services came from a 3.8% increase in machinery and equipment wholesaling. Also, portfolio management fees surged 5.8% and airline passenger services prices rose 1%.

Cisco (CSCO) pulled back as much as 3% after its fourth-quarter results barely beat expectations. Cisco posted adjusted earnings of 99 cents per share on revenue of $14.67 billion in revenue, while analysts were looking for a profit of 98 cents per share and $14.62 billion in revenue. The company’s guidance also just barely surpassed expectations. Cisco stock is up almost 19% year to date.

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

The national average price of gasoline is up five-tenths of a cent at $3.160 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 with $4.72, missing estimates of $4.925 per share.

Amgen (AMGN) reports earnings on 8/5/2025 after the market close with $6.02, beating estimates of $5.207 per share.

Disney (DIS) reports earnings on 8/6/2025 before the market open with $1.61, beating estimates of $1.442 per share.

McDonald’s (MCD) reports earnings on 7/6/2025 before the market open with $3.19, beating estimates of $3.128 per share.

Cisco (CSCO) reported earnings on 8/13/2025 after the market close with $0.99, beating estimates of $0.797 per share.

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

Walmart (WMT) reports earnings on 8/21/2025 before the market open.

Nvidia (NVDA) reports earnings on 8/27/2025 after the market close.

Salesforce (CRM) reports earnings on 8/27/2025 after the market close.

Amazon (AMZN) reports earnings on 10/30/2025 after the market close.

Today’s Featured Dow Stock

IBM (IBM)

IBM (IBM) 240.07 (+2.26%) is up +3.18% in 2025.

Financial Calendar

08:30 AM ET Continuing Jobless Claims, 1,960K, 1,974K
08:30 AM ET Core PPI (MoM) (Jul), 0.2%, 0.0%
08:30 AM ET Core PPI (YoY) (Jul), 2.9%, 2.6%
08:30 AM ET Initial Jobless Claims, 225K, 226K
08:30 AM ET Jobless Claims 4-Week Avg., 220.75K
08:30 AM ET PPI (MoM) (Jul), 0.2%, 0.0%
08:30 AM ET PPI (YoY) (Jul), 2.5%, 2.3%
08:30 AM ET PPI ex. Food/Energy/Transport (YoY) (Jul), 2.5%
08:30 AM ET PPI ex. Food/Energy/Transport (MoM) (Jul), 0.0%
10:30 AM ET Natural Gas Storage, 7B
11:30 AM ET 4-Week Bill Auction, 4.300%
11:30 AM ET 8-Week Bill Auction, 4.235%
14:00 PM ET FOMC Member Barkin Speaks
16:30 PM ET Fed’s Balance Sheet, 6,641B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 3.330T