DJIA Market Happenings For Monday, March 16, 2020

There are no Dow stocks at 52 week highs. Dow stock 52 week lows include IBM (IBM), McDonald’s (MCD), Nike (NKE), Travelers (TRV) and Exxon Mobil (XOM).

The Market

Premarket today, the Dow was indicated to open down -1045 points. Equity futures are currently at Limit Down which means they can’t change until regular trading starts at 6:30 am PDT.

Friday the Dow was up +1985.00 (+9.36%) at 23,185.62.

Year-to-date the Dow is down -18.76%.

All 30 Dow stocks were up Friday.

The Dow stock winners Friday were led by Intel (INTC) +19.52%, American Express (AXP) +19.24%, JPMorgan (JPM) +18.01%, Goldman Sachs (GS) +17.58%, Microsoft (MSFT) +14.22%, Cisco (CSCO) +13.37%, Walgreens (WBA) +12.60%, Procter & Gamble (PG) +12.01%, Apple (AAPL) +11.98%, Disney (DIS) +11.67% and Boeing (BA) +9.92%.

The Dow stock losers Friday were not to be found.

In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing. The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities. The quantitative easing will take the form of $500 billion of Treasurys and $200 billion of agency-backed mortgage securities. The Fed said the purchases will begin Monday with a $40 billion installment. The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consume rates, will now be targeted at 0%-0.25%.

European stocks are lower and Asian markets ended lower.

The national average price of gasoline is down 1.1 cents at $2.257 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 3/24/2020 after the market close.

Today’s Featured Dow Stock

Goldman Sachs (GS)

Goldman Sachs (GS) is up +3.88% year-to-date.

Financial Calendar

8:30 AM ET Empire State Mfg Survey

4:00 PM ET Treasury International Capital

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