Dow stocks hitting 52-week highs include Travelers (TRV) 187.75 and UnitedHealth (UNH) 513.03. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -61 points.

Friday the Dow closed up +153.30 (+0.44%) at 34,861.24.

Year-to-date the Dow is down -4.06%.

There were 25 Dow stocks up Friday.

The Dow stock winners Friday were Travelers (TRV) 187.75 (+1.92%), Chevron (CVX) 169.31 (+1.81%) and IBM (IBM) 131.35 (+1.62%).

The Dow stock losers Friday were led by Home Depot (HD) 310.68 (-1.62%), Salesforce (CRM) 211.03 (-1.38%) and Microsoft (MSFT) 303.68 (-0.14%).

The 10 YR yield is currently at 2.466%.

This coming Friday, the government is scheduled to release its last monthly employment report ahead of the Federal Reserve’s policy meeting in the first week of May. Growing expectations for more aggressive interest rate hikes have been pushing bond yields higher. In fact, the 5-year and 30-year Treasury yields Monday inverted for the first time since 2006, raising fears of a possible recession.

U.S. and international oil prices dropped roughly 5% on Monday as traders worried about weaker fuel demand in China after Shanghai launched a two-stage Covid lockdown. The initial phase, aimed at trying to contain China’s worst outbreak of the pandemic, runs from Monday to Friday morning and applies to the eastern part of Shanghai, home to the city’s financial center. The Shanghai Stock Exchange won’t be affected. The second phase applies to the western part of the city, and runs from Friday morning to the afternoon of April 5.

Talks between Ukraine and Russia are set to continue this week, with officials from both countries traveling to Turkey in hopes of defusing the conflict. Meanwhile, Moscow said President Joe Biden’s Saturday remarks that Russian leader Vladimir Putin “cannot remain in power” were alarming. The White House later walked back Biden’s comments, saying the administration was not calling for regime change in Russia, and instead, the president was referring to Putin attempting to exert power over the European continent.

Biden is expected to propose a new minimum tax that would largely target billionaires when he unveils his 2023 budget, according to a document obtained by CNBC. The so-called Billionaire Minimum Income Tax would assess a 20% minimum tax rate on U.S. households worth more than $100 million. Over half the revenue could come from those worth more than $1 billion. The proposed tax is expected to reduce the deficit by about $360 billion in the next decade, according to the document.

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

The national average price of gasoline is up two-tenth of a cent at $4.246 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/21/2022 after the market close with $0.87, beating estimates of $0.732 per share.
Walgreens (WBA) reports earnings on 3/31/2022 before the market open.

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 54.97 (+0.86%) is down -13.26% in 2022.

Financial Calendar

08:30 AM ET Goods Trade Balance (Feb)
08:30 AM ET Retail Inventories Ex Auto (Feb)
08:30 AM ET Wholesale Inventories (MoM)
10:30 AM ET Dallas Fed Mfg Business Index (Mar)
11:30 AM ET 3-Month Bill Auction
11:30 AM ET 6-Month Bill Auction
13:00 PM ET 2-Year Note Auction
13:00 PM ET 5-Year Note Auction