There were no Dow stocks hitting 52-week highs. There were no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be up +159 point.

Thursday the Dow closed down -152.81 (-0.34%) at 44,785.50.

Year-to-date the Dow is up +5.27%.

Thursday, (7) Dow stocks were up, none made 52-week lows, and none made 52-week highs.

The Dow stock winners Thursday were led by Merck (MRK) 86.08 (+1.68%), Chevron (CVX) 155.55 (+1.52%) and UnitedHealth (UNH) 303.35 (+1.17%).

The Dow stock losers Thursday were led by Walmart (WMT) 97.96 (-4.49%), IBM (IBM) 239.40 (-1.30%).

The VIX closed Thursday at 16.60 (+5.80%) and the 10 YR at 4.309 (-0.28%). The VIX is currently at 16.46 (-0.84%). The 10YR is at 4.312 (+0.49%).

Investors are looking forward to Powell’s speech at 10 am ET, hoping to gain clarity on the interest rate outlook. Markets were last pricing in a 75% chance of a quarter-point cut at the September meeting.

Nvidia (NVDA) fell more than 1% after it reportedly asked some of its component suppliers to halt production of its H20 graphics processing units. The company is also reportedly having conversations with the U.S. government about shipping a more advanced chip to China.

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

The national average price of gasoline is up four-tenths of a cent at $3.141 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) reported earnings on 8/19/2025 before the market open with $4.68, missing estimates of $4.693 per share.

Walmart (WMT) reported earnings on 8/21/2025 before the market open with $0.68, missing estimates of $0.723 per share.

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

Merck (MRK)

Merck (MRK) 86.08 (+1.68%) is down -13.47% in 2025.

Financial Calendar

00:30 AM ET Reserve Balances with Federal Reserve Banks, 3.328T
10:00 AM ET Fed Chair Powell Speaks
13:00 PM ET U.S. Baker Hughes Oil Rig Count, 412
13:00 PM ET U.S. Baker Hughes Total Rig Count, 539
15:30 PM ET CFTC Aluminium speculative net positions, 1.1K
15:30 PM ET CFTC Copper speculative net positions, 28.2K
15:30 PM ET CFTC Corn speculative net positions, -133.2K
15:30 PM ET CFTC Crude Oil speculative net positions, 116.7K
15:30 PM ET CFTC Gold speculative net positions, 229.5K
15:30 PM ET CFTC Nasdaq 100 speculative net positions, 33.8K
15:30 PM ET CFTC Natural Gas speculative net positions, -97.0K
15:30 PM ET CFTC S&P 500 speculative net positions, -139.6K
15:30 PM ET CFTC Silver speculative net positions, 44.3K
15:30 PM ET CFTC Soybeans speculative net positions, -15.6K
15:30 PM ET CFTC Wheat speculative net positions, -89.0K
20:00 PM ET Jackson Hole Symposium