DJIA Market Happenings For Tuesday, March 23, 2021

Dow stocks hitting 52 week highs include Cisco (CSCO) and Intel (INTC). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -123 points.

Monday the Dow was up +103.23 (+0.32%) at 32,731.20.

Year-to-date the Dow is up +6.94%.

There were 20 Dow stocks up Monday.

The Dow stock winners Monday were led by Intel (INTC) 65.63 (+2.93%), Apple (AAPL) 123.39 (+2.83%) and Cisco (CSCO) 50.30 (+2.69%).

The Dow stock losers Monday were led by JPMorgan (JPM) 150.97 (-2.69%), Boeing (BA) 251.23 (-1.79%) and Goldman Sachs (GS) 339.33 (-1.41%).

Today marks one year since the Covid low in the stock market, which ended the fastest bear market ever and ushered in another bull market.

Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen will testify today before the House Financial Services Committee on the economy at noon eastern time. Yellen, who was Powell’s predecessor, said she sees both growth and possibly full employment next year and credits President Biden’s Covid relief package. Powell’s prepared remarks struck a cautiously optimistic tone, saying the economy is “much improved” but the recovery is “far from complete.” Last week, after its March meeting, the Fed forecasted higher growth and inflation, while saying interest rates will likely remain near zero through 2023.

Covid cases are once again on the rise across more than half of the U.S. as health officials warn about reopening too soon and race to vaccinate more people before highly contagious strains become prevalent in the country. As of Sunday, the seven-day average of new cases rose by 5% or more in 27 states. Across the U.S., the nation logged an average of 54,308 new cases per day over the past week, a 1% rise from the prior week after months of rapidly declining case numbers.

President Joe Biden is assembling the next big White House priority, a $3 trillion infrastructure package. That would be on top of his recently signed $1.9 trillion coronavirus stimulus package. The president met privately late Monday with Senate Democrats as Congress has already begun laying the groundwork with legislation for developing roads, hospitals and green energy systems as part of Biden’s “Build Back Better” campaign promise. While the goal is a bipartisan package, Democrats in Congress have signaled a willingness to go it alone if blocked by Republicans.

European stocks are lower and Asian markets ended lower.

The national average price of gasoline is down five-tenths of a cent at $2.877 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/18/2021 after the market close of $0.90, beating estimates of $0.752 per share.

Walgreens (WBA) reports earnings on 3/31/2021 before the market open.

Today’s Featured Dow Stock

Boeing (BA)

Boeing (BA) 251.23 (-1.79%) is up +17.36% in 2021.

Financial Calendar

8:30 AM ET Current Account

8:55 AM ET Redbook

10:00 AM ET New Home Sales

10:00 AM ET Richmond Fed Manufacturing Index

11:00 AM ET 4-Week Bill Announcement

11:00 AM ET 8-Week Bill Announcement

11:30 AM ET 52-Week Bill Auction

12:00 PM ET Jerome Powell Speaks

1:00 PM ET 2-Yr Note Auction

1:00 PM ET Money Supply

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