DJIA Market Happenings For Wednesday, March 31, 2021

Dow stocks hitting 52 week highs include Cisco (CSCO), Home Depot (HD), Honeywell (HON), IBM (IBM), 3M (MMM) and UnitedHealth (UNH). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -14 points.

Tuesday the Dow was down -104.41 (-0.31%) at 33,066.96.

Year-to-date the Dow is up +8.04%.

There were 10 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by Goldman Sachs (GS) 332.01 (+1.93%), Caterpillar (CAT) 233.08 (+1.18%) and JPMorgan (JPM) 154.48 (+1.18%).

The Dow stock losers Tuesday were led by Amgen (AMGN) 249.75 (-2.04%), Merck (MRK) 76.96 (-1.71%) and Procter & Gamble (PG) 135.45 (-1.54%).

ADP reported that private payrolls rose by 517,000 in March, the fastest pace since September. The total was just below the Dow Jones estimate of 525,000 but well above February’s 176,000. Hospitality led the way, with the battered sector adding 169,000 new workers.

The 10-year Treasury yield dipped but held around 1.72% on Wednesday morning after the ADP’s monthly report.

Clinical trial results of Pfizer-BioNTech’s Covid-19 vaccine showed its efficacy is 100% and well tolerated in youths ages 12 to 15. The companies plan to submit the data to the US Food and Drug Administration as soon as possible for expanded emergency use authorization of the two-dose vaccine. Pfizer’s vaccine has already been authorized for emergency use in the U.S. for people 16 and older. The other two Covid vaccines allowed in the U.S., Moderna’s two-shot vaccine and Johnson & Johnson’s one-shot vaccine have been cleared for 18 and older.

President Biden will unveil a more than $2 trillion infrastructure and economic recovery package today. The plan aims to revitalize U.S. transportation infrastructure, water systems, broadband and manufacturing, among other goals. An increase in the corporate tax rate to 28% and measures designed to prevent the offshoring of profits would fund the spending.

European stocks are mostly lower and Asian markets ended lower.

The national average price of gasoline is up five-tenths of a cent at $2.874 per gallon.

Earnings Reports

Walgreens (WBA) reported earnings on 3/31/2021 before the market open of $1.40, beating estimates calling for $1.103 per share.

Today’s Featured Dow Stock

Dow (DOW)

Dow (DOW) 64.61 (+1.11%) is up +16.41% in 2021.

Financial Calendar

7:00 AM ET MBA Mortgage Applications

8:15 AM ET ADP Employment Report

9:45 AM ET Chicago PMI

10:00 AM ET Pending Home Sales Index

10:00 AM ET State Street Investor Confidence Index

10:30 AM ET EIA Petroleum Status Report

3:00 PM ET Farm Prices

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