There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open up +32 points.

Tuesday the Dow closed down -574.98 (-1.72%) at 32,856.46.

Year-to-date the Dow is down -0.88%.

Tuesday, (1) Dow stock was up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winner Tuesday was Merck (MRK) 111.27 (+0.15%).

The Dow stock losers Tuesday were led by Walgreens (WBA) 34.14 (-3.70), Caterpillar (CAT) 246.14 (-3.09%), Goldman Sachs (GS) 346.08 (-3.07%), JPMorgan (JPM) 138.62 (-2.94%) and Amgen (AMGN) 228.72 (-2.72%).

The 10 YR closed Tuesday at 4.003 (+0.63%) and the VIX closed at 19.59 (+5.27%). The VIX is currently at 18.87 (+1.40%).

Stocks sold off broadly and bond yields spiked Tuesday as Federal Reserve Chairman Jerome Powell told senators that rates will likely end up higher than anticipated. Powell also warned that, if economic data continue to run hot, the Fed could return to quicker rate hikes after easing off the pedal during recent policy-setting meetings. There’s more to come, too. Powell is scheduled to speak again Wednesday, this time in front of the House Financial Services Committee.

A stronger-than-expected February private payrolls report suggested that the economy is standing strong despite the Fed’s hiking campaign, adding to investor concern that bigger rate increase may be ahead. Private payrolls rose by 242,000 in February, topping an estimate of 205,000. That was also above the upwardly revised 119,000 jobs gain from January.

Mortgage demand recovered slightly last week, with application volume rising 7.4% after stooping to a 28-year low the previous week. The rise in volume came even as interest rates ticked upward, with the average rate on a 30-year fixed mortgage inching up to to 6.79% from 6.71%. Applications to refinance a home loan also rose 9% week over week but were 76% lower than the same week last year.

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

The national average price of gasoline is up 2.9 cents at $3.446 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 3/21/23 after the market close.

Walgreens (WBA) reports earnings on 3/28/23 before the market open.

Today’s Featured Dow Stock

Verizon (VZ)

Verizon (VZ) 37.91 (-0.63%) is down -3.78% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.71%
07:00 AM ET MBA Mortgage Applications (WoW), -5.7%
07:00 AM ET MBA Purchase Index, 138.8
07:00 AM ET Mortgage Market Index, 188.5
07:00 AM ET Mortgage Refinance Index, 444.0
08:15 AM ET ADP Nonfarm Employment Change (Feb), 200K, 106K
08:30 AM ET Exports, 250.20B
08:30 AM ET Imports, 317.60B
08:30 AM ET Trade Balance (Jan), -68.90B, -67.40B
10:00 AM ET Fed Chair Powell Testifies
10:00 AM ET JOLTs Job Openings (Jan), 10.500M, 11.012M
10:30 AM ET Crude Oil Inventories, 0.395M, 1.165M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.031M
10:30 AM ET Crude Oil Imports, -1.150M
10:30 AM ET Cushing Crude Oil Inventories, 0.307M
10:30 AM ET Distillate Fuel Production, -0.091M
10:30 AM ET EIA Weekly Distillates Stocks, -1.038M, 0.179M
10:30 AM ET Gasoline Production, 0.302M
10:30 AM ET Heating Oil Stockpiles, 0.548M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), -0.3%, -0.1%
10:30 AM ET Gasoline Inventories, -1.863M, -0.874M
11:00 AM ET Thomson Reuters IPSOS PCSI (Mar), 51.57
12:00 PM ET WASDE Report
13:00 PM ET 10-Year Note Auction, 3.613%
14:00 PM ET Beige Book