Dow stocks hitting 52-week highs include Coca Cola (KO) 62.47 (-0.11%), UnitedHealth (UNH) 517.76 (+1.52%) and Walmart (WMT) 151.47 (+0.28%). Therre are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -225 points.

Tuesday the Dow closed down -280.70 (-0.80%) at 34,641.18.

Year-to-date the Dow is down -4.67%.

There were 8 Dow stocks up Tuesday.

The Dow stock winners Tuesday were led by UnitedHealth (UNH) 517.76 (+1.52%), McDonald’s (MCD) 248.51 (+0.68%) and Johnson & Johnson (JNJ) 177.61 (+0.65%).

The Dow stock losers Tuesday were led by Boeing (BA) 182.65 (-4.46%), Salesforce (CRM) 210.14 (-3.98%) and Intel (INTC) 48.13 (-2.17%).

The 10 YR yield is currently at 2.647%.

U.S. stock futures dropped Wednesday as investors await more insight into what appears to be a Federal Reserve shifting to an even more aggressive monetary policy tightening path. Minutes from the Fed’s March meeting, which featured the first interest rate hike in more than three years, are out at 2 p.m. ET. The market sees at least 0.25% rate increases at all six of the remaining Fed meetings of the year, with bigger 0.5% rises possible in May and June. Fed Governor Lael Brainard, who normally favors loose policy and low rates, said Tuesday the central bank needs to act quickly and aggressively to drive down inflation. Those comments sent Wall Street lower and bond yields to near three-year highs again.

The 10-year Treasury yield on Wednesday topped 2.63%, climbing above the 2-year yield and out of an inversion. However, the 5-year yield remained inverted and higher then the 30-year yield. The spike higher in bond yields drove mortgage rates up, with 30-year fixed-rate mortgages topping 5% on Tuesday. The rising rate environment sent total home loan application volume down another 6% last week, according to the Mortgage Bankers Association. That’s down 41% from the same week a year ago.

Oil prices remained elevated Wednesday on supply concerns as the U.S. and its European allies consider more sanctions against Moscow as allegations emerge about wartime atrocities by Russian troops in Ukraine. The head of the European Council said Russia oil and gas sanctions needed sooner or later. Higher crude prices have, in turn, pushed gasoline prices higher. The CEOs of oil companies, including Chevron and Exxon, are set to testify Wednesday before a House panel about what they’re doing to control energy costs. At another House hearing, Treasury Secretary Janet Yellen is set to talk about the global impact of Russia’s invasion of Ukraine on the global economy.

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

The national average price of gasoline is down 1.2 cents at $4.164 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) reported earnings on 3/31/2022 before the market open with $1.59, beating estimates of $1.389 per share.
JPMorgan (JPM) reports earnings on 4/13/2022 before the market open.
Goldman Sachs (GS) reports earnings on 4/14/2022 before the market open.
UnitedHealth (UNH) reports earnings on 4/14/2022 before the market open.
Johnson & Johnson (JNJ) reports earnings on 4/19/2022 before the market open.
Travelers (TRV) reports earnings on 4/19/2022 before the market open.
IBM (IBM) reports earnings on 4/19/2022 after the market close.

Today’s Featured Dow Stock

IBM (IBM)

IBM (IBM) 128.89 (-1.06%) is down -3.57% in 2022.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate
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07:00 AM ET MBA Purchase Index
07:00 AM ET Mortgage Market Index
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09:30 AM ET FOMC Member Harker Speaks
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10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW)
10:30 AM ET Gasoline Inventories