DJIA Market Happenings For Monday, March 13, 2023 – Apple (AAPL) 148.50 Up +14.29% YTD

There are no Dow stocks hitting 52-week highs. Dow stock 52-week lows include 3M (MMM) 105.52 (-1.38%).

The Market

Premarket today, the Dow was indicated to open down -279 points.

Friday the Dow closed down -345.22 (-1.07%) at 31,909.64.

Year-to-date the Dow is down -3.73%.

Friday, (1) Dow stocks was up, (2) were at 52-week lows and none were at 52-week highs.

The Dow stock winners Friday were led by Intel (INTC) 27.22 (+2.95%), JPMorgan (JPM) 133.65 (+2.54%) and Travelers (TRV) 175.68 (+1.01%).

The Dow stock losers Friday were led by Caterpillar (CAT) 227.01 (-5.79%), Goldman Sachs (GS) 327.67 (-4.22%) and American Express (AXP) 165.70 (-3.73.

The VIX closed Friday at 24.80 (+9.69%). The VIX is currently at 29.33 (+18.27%). The 10YR is at 3.471.

Federal regulators stepped in this weekend to cover customers of Silicon Valley Bank who were at risk of losing their money because of a $250,000 cap on guaranteed deposits. The plan calls for FDIC insurance to cover depositors and won’t rely on bailouts or taxpayer dollars, according to officials. The Treasury Department, Federal Reserve and FDIC issued a joint statement saying they were “taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system.” Authorities had worried about contagion in the banking industry if the SVB fallout couldn’t be contained. On Sunday, regulators also shuttered Signature Bank in New York, which had been popular among cryptocurrency companies, similar to SVB.

Cryptocurrencies spiked on the news of a government backstop for SVB, collectively gaining more than $70 billion in the 24 hours leading up to 2 a.m. ET and jumping back above $1 trillion. Silvergate Capital, which shuttered last week, SVB and Signature Bank were all friends of cryptocurrency, sending the digital coins on a wild trading ride. Bitcoin is currently up +11.70%

Bottomline, even with this government backstop, do not hold more than the FDIC limits in your bank account.

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

The national average price of gasoline is up one-tenth of a cent at $3.473 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

Apple (AAPL)

Apple (AAPL) 148.50 (-1.39%) is up +14.29% in 2023.

Financial Calendar

10:00 AM ET CB Employment Trends Index (Feb), 118.74
11:00 AM ET Consumer Inflation Expectations, 5.0%
11:30 AM ET 3-Month Bill Auction, 4.765%
11:30 AM ET 6-Month Bill Auction, 4.970%

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