Dow stocks hitting 52-week highs include Apple (AAPL) 269.829 (+0.31%), Caterpillar (CAT) 585.49 (+11.63%), Cisco (CSCO) 71.33 (-1.78%) and Nvidia (NVDA) 207.161 (+3.05%). There were no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -205 points.

Wednesday the Dow closed down -74.37 (-0.16%) at 47,632.00.

Year-to-date the Dow is up +11.96%.

Wednesday, (7) Dow stocks were up, none made 52-week lows, and (4) made 52-week highs.

The Dow stock winners Wednesday were led by Caterpillar (CAT) 585.49 (+11.63%), Nvidia (NVDA) 207.161 (+3.05%) and Verizon (VZ) 40.21 (+2.26%).

The Dow stock losers Wednesday were led by Boeing (BA) 213.58 (-4.37%), UnitedHealth (UNH) 355.26 (-3.42%) and Nike (NKE) 65.35 (-3.08%).

The VIX closed Wednesday at 17.02 (+3.65%) and the 10 YR at 4.071 (+2.26%). The VIX is currently at 16.61 (-1.83%). The 10YR is at 4.109 (+1.41%).

The U.S. tariff reduction brings the overall levy on Chinese imports to 47% from 57%. As part of the deal, Beijing will “work very hard to stop fentanyl” and buy U.S.-grown soybeans along with other agricultural goods.

Yesterday, Federal Reserve Chair Jerome Powell suggested the central bank may not cut interest rates again at its December meeting, which investors had been betting on. “A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it,” he said. The Fed on Wednesday lowered its benchmark overnight borrowing rate by a quarter percentage point to end its two-day policy meeting, putting it in a range of between 3.75% to 4%.

Microsoft (MSFT) fell 2% after finance chief Amy Hood said capital spending will accelerate this fiscal year. Microsoft posted better-than-expected results in its fiscal first quarter as revenue from its Azure cloud business soared 40%.

Merck (MRK) shares were down 2% in the premarket after the pharma giant posted mixed third-quarter results. The company earned an adjusted $2.58 per share on revenue of $17.28 billion. Analysts expected a profit of $2.35 per share on revenue of $16.96 billion. However, revenue from Keytruda came in at $8.14 billion, slightly below consensus of $8.24 billion.

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

The national average price of gasoline is down eight-tenths of a cent at $3.052 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 9/30/2025 after the market close with $0.49, beating estimates of $0.273 per share.

Goldman Sachs (GS) reported earnings on 10/14/2025 before the market open with $12.25, beating estimates of $11.03 per share.

Johnson & Johnson (JNJ) reported earnings on 10/14/2025 before the market open with $2.80, beating estimates of $2.77 per share.

JPMorgan (JPM) reported earnings on 10/14/2025 before the market open with $5.07, beating estimates of $4.83 per share.

Travelers (TRV) reported earnings on 10/16/2025 before the market open with $8.14, beating estimates of $6.008 per share.

American Express (AXP) reported earnings on 10/17/2025 before the market open with $4.14, beating estimates of $3.964 per share.

3M (MMM) reported earnings on 10/21/2025 before the market open with $2.19, beating estimates of $2.097 per share.

Coca Cola (KO) reported earnings on 10/21/2025 before the market open with $0.82, beating estimates of $0.781 per share.

IBM (IBM) reported earnings on 10/22/2025 after the market close with $2.65, beating estimates of $2.435 per share.

Honeywell (HON) reported earnings on 10/23/2025 before the market open with $2.82, beating estimates of $2.56 per share.

Procter & Gamble (PG) reports earnings on 10/24/2025 before the market open with $1.99, beating estimates of $1.896 per share.

Sherwin Williams (SHW) reported earnings on 10/28/2025 before the market open with $3.59, beating estimates of $3.461 per share.

UnitedHealth (UNH) report earnings on 10/28/2025 before the market open with $2.92, beating estimates of $2.753 per share.

Visa (V) reported earnings on 10/28/2025 after the market close with $2.98, beating estimates of $2.966 per share.

Boeing (BA) reported earnings on 10/29/2025 before the market open with -$7.47, missing estimates of -$3.769 per share.

Caterpillar (CAT) reported earnings on 10/29/2025 before the market open with $4.95, beating estimates of $4.52 per share.

Verizon (VZ) reported earnings on 10/29/2025 before the market open with $1.21, beating estimates of $1.191 per share.

Microsoft (MSFT) reported earnings on 10/29/2025 after the market close with $4.13, beating estimates of $3.654 per share.

Merck (MRK) reported earnings on 10/30/2025 before the market open with $2.58, beating estimates of $2.36 per share.

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

Apple (AAPL) reports earnings on 10/30/2025 after the market close.

Chevron (CVX) reports earnings on 10/31/2025 before the market open.

Amgen (AMGN) reports earnings on 11/4/2025 after the market close.

McDonald’s (MCD) reports earnings on 11/5/2025 before the market open.

Today’s Featured Dow Stock

Caterpillar (CAT)

Caterpillar (CAT) 585.49 (+11.63%) is up +61.40% in 2025.

Financial Calendar

08:30 AM ET Core PCE Prices (Q3), 2.60%
08:30 AM ET GDP (QoQ) (Q3), 3.0%, 3.8%
08:30 AM ET GDP Price Index (QoQ) (Q3), 2.9%, 2.1%
08:30 AM ET GDP Sales (Q3), 7.5%
08:30 AM ET PCE Prices (Q3), 2.1%
08:30 AM ET Real Consumer Spending (Q3), 2.5%
09:55 AM ET FOMC Member Bowman Speaks
10:30 AM ET Natural Gas Storage, 71B, 87B
11:30 AM ET 4-Week Bill Auction, 3.945%
11:30 AM ET 8-Week Bill Auction, 3.900%
13:20 PM ET Fed Logan Speaks
16:30 PM ET Fed’s Balance Sheet, 6,590B
16:30 PM ET Reserve Balances with Federal Reserve Banks, 2.930T