Dow stocks hitting 52-week highs include Caterpillar (CAT) 246.62 (-0.90%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -65 points.

Monday the Dow closed down -112.96 (-0.34%) at 33,517.65.

Year-to-date the Dow is up +1.12%.

Monday, (15) stocks were up, none were at 52-week lows and (1) was at 52-week highs.

The Dow stock winners Monday were led by Salesforce (CRM) 147.10 (+4.69%), Intel (INTC) 29.31 (+2.02%) and Goldman Sachs (GS) 353.00 (+1.41%).

The Dow stock losers Monday were led by Merck (MRK) 110.38 (-3.88%), Johnson & Johnson (JNJ) 175.58 (-2.59%) and Travelers (TRV) 189.12 (-2.45%).

The 10 YR yield closed Monday at 3.537 (+0.43%) and the VIX at 21.97 (+3.98%). The 10 YR is currently at 3.583 and VIX is at 22.09 (+0.55%).

Atlanta Fed President Raphael Bostic said Monday that interest rates should rise above 5% and stay there for a “long time.” Meanwhile, San Francisco Fed President Mary Daly said the central bank should continue raising rates, albeit at a slower pace. Treasury yields rose slightly on Tuesday. Fed Chair Jerome Powell spoke Tuesday morning to the need for the central bank to stay politically independent while responding to inflation. Futures were little changed in response to his remarks.

Morgan Stanley downgraded Boeing (BA) to equal weight from overweight, noting there’s little upside in the stock from current levels.

Goldman Sachs (GS) is set to lay off up to 3,200 employees this week, a warning sign that Wall Street is preparing for leaner times this year. There’s a slight silver lining, though: Those 3,200 jobs represent about 6.5% of the big bank’s workforce, while Goldman was expected to cut up to 8% of its employees. Still, that doesn’t mean Goldman and Wall Street in general are done with layoffs. Banking executives want to see what happens in the first quarter, particularly whether the economy enters a recession. So more cuts could be on the way in February or March.

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

The national average price of gasoline is down one cent at $3.270 per gallon.

Earnings Reports

Walgreens (WBA) reported earnings on 1/5/23 before the market open with $1.16, beating estimates of $1.145 per share.

JPMorgan (JPM) will reports earnings on 1/13/23 before the market open.

UnitedHealth (UNH) reports earnings on 1/13/23 before the market open.

Goldman Sachs (GS) reports earnings on 1/17/23 before the market open.

Procter & Gamble (PG) reports earnings on 1/19/23 before the market open.

3M (MMM) reports earnings on 1/24/23 before the market open.

Johnson & Johnson (JNJ) reports earnings on 1/24/23 before the market open.

Microsoft (MSFT) reports earnings on 1/24/23 after the market close.

Travelers (TRV) reports earnings on 1/24/23 before the market open.

Verizon (VZ) reports earnings on 1/24/23 before the market open.

Boeing (BA) reports earnings on 1/25/23 before the market open.

IBM (IBM) reports earnings on 1/25/23 after the market close.

Intel (INTC) reports earnings on 1/25/23 after the market close.

McDonald’s (MCD) reports earnings on 1/26/23 before the market open.

Caterpillar (CAT) reports earnings on 1/26/23 before the market open.

Dow (DOW) reports earnings on 1/26/23 before the market open.

Apple (AAPL) reports earnings on 1/26/23 after the market close.

Visa (V) reports earnings on 1/26/23 after the market close.

American Express (AXP) reports earnings on 1/27/23 before the market open.

Chevron (CVX) reports earnings on 1/27/23 before the market open.

Today’s Featured Dow Stock

3M (MMM)

3M (MMM) 126.79 (+0.06%) is up +5.73% in 2023.

Financial Calendar

06:00 AM ET NFIB Small Business Optimism (Dec), 91.9
08:55 AM ET Redbook (YoY), 10.2%
09:00 AM ET Fed Chair Powell Speaks
10:00 AM ET IBD/TIPP Economic Optimism, 41.7, 42.9
10:00 AM ET Wholesale Inventories (MoM), 1.0%, 1.0%
10:00 AM ET Wholesale Trade Sales (MoM) (Nov), 0.5%, 0.4%
12:00 PM ET EIA Short-Term Energy Outlook
13:00 PM ET 3-Year Note Auction, 4.093%
16:30 PM ET API Weekly Crude Oil Stock, 3.298M