DJIA Market Happenings For Tuesday, March 21, 2023 – Caterpillar (CAT) 220.31 Down -8.04% YTD

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 +318 points.

Monday the Dow closed up +382.60 (+1.20%) at 32,244.58.

Year-to-date the Dow is down -2.72%.

Monday, (28) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Monday were led by Honeywell (HON) 189.88 (+2.84%), Dow (DOW) 51.26 (+2.48%), Caterpillar (CAT) 220.31 (+2.47%) and Travelers (TRV) 168.71 (+2.23%).

The Dow stock losers Monday were led by Microsoft (MSFT) 272.23 (-2.58%) and Intel (INTC) 29.16 (-2.18%).

The VIX closed Monday at 24.15 (-5.33%). The VIX is currently at 22.61 (-6.38%). The 10YR is at 3.582.

UBS’ “shotgun wedding” with Credit Suisse might have done the trick, at least for now, as U.S. equities markets rallied Monday following the latest moves to shore up the global banking system. Now, Wall Street’s focus is almost entirely on what’ll come of the Federal Reserve’s policy-setting meeting, which kicks off Tuesday and concludes Wednesday. The money is still on a quarter-point rate hike, even though many are arguing for a pause on increases, given the recent banking sector tumult. At this point, though, markets are more likely to react to what the Fed and its chairman, Jerome Powell, say about what’s next in the central bank’s battle with inflation.

Regional banks surged in early trading, led by First Republic. The beaten-down bank jumped 21.9%, a day after losing 47%. The SPDR Regional Banking ETF (KRE) gained 3%. Regionals got a boost after Treasury Secretary Janet Yellen said Tuesday morning that the government is ready to provide further guarantees of deposits if the banking crisis worsens.

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

The national average price of gasoline is down seven-tenths of a cent at $3.436 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

Caterpillar (CAT)

Caterpillar (CAT) 220.31 (+2.47%) is down -8.04% in 2023.

Financial Calendar

08:55 AM ET Redbook (YoY), 2.6%
10:00 AM ET Existing Home Sales (MoM) (Feb), 5.0%, -0.7%
10:00 AM ET Existing Home Sales, 4.19M, 4.00M
11:30 AM ET 52-Week Bill Auction, 4.795%
13:00 PM ET 20-Year Bond Auction, 3.977%
16:30 PM ET API Weekly Crude Oil Stock, 1.155M

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