DJIA Market Happenings For Thursday, March 23, 2023 – Cisco (CSCO) 49.46 Up +3.82% 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 +12 points.

Wednesday the Dow closed down -530.49 (-1.63%) at 32,030.11.

Year-to-date the Dow is down -3.37%.

Wednesday, no Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were not to be found. The Fed crushed them all.

The Dow stock losers Wednesday were led by Nike (NKE) 119.50 (-4.86%), Boeing (BA) 196.16 (-4.17%), Walgreens (WBA) 32.50 (-3.10%), Travelers (TRV) 166.63 (-2.98%), 3M (MMM) 101.54 (-2.64%) and JPMorgan (JPM) 127.18 (-2.58%).

The VIX closed Wednesday at 21.49(-3.50%). The VIX is currently at 21.42(-3.77%). The 10YR is at 3.490.

The Federal Reserve decided to hike its benchmark rate by a quarter point Wednesday, as was largely expected. The Fed also eased off its rate-increase ambitions, saying one more could be in the offing for this year. Markets seemed to take it all in stride. But then Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen, who was testifying on Capitol Hill, said some things that didn’t seem to sit so well with investors. Powell, speaking to reporters after the big announcement, said a rate cut isn’t in the Fed’s “base case” and noted that the recent collapse of Silicon Valley Bank likely resulted in tightening in financial conditions. Yellen, meanwhile, told lawmakers that regulators aren’t considering a blanket guarantee for all U.S. deposits without congressional approval.

Jobless claims come in below expectations, pointing to a labor market that remains extremely tight. Initial filings for unemployment insurance totaled 191,000 for the week ended March 18, below the estimate for 198,000, the Labor Department reported Thursday. That was a decline of 1,000 from the previous period. Continuing claims, which run a week behind, rose by 14,000 to 1.694 million.

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

The national average price of gasoline is up two-tenths of a cent at $3.438 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/21/23 after the market close with $0.79, beating estimates of $0.519 per share.

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

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 49.46 (-2.39%) is up +3.82% in 2023.

Financial Calendar

08:00 AM ET Building Permits, 1.339M
08:30 AM ET Chicago Fed National Activity (Feb), 0.23
08:30 AM ET Continuing Jobless Claims, 1,684K, 1,684K
08:30 AM ET Current Account (Q4), -213.2B, -217.1B
08:30 AM ET Initial Jobless Claims, 197K, 192K
08:30 AM ET Jobless Claims 4-Week Avg., 196.50K
10:00 AM ET New Home Sales (Feb), 650K, 670K
10:00 AM ET New Home Sales (MoM) (Feb), 7.2%
10:30 AM ET Natural Gas Storage, -75B, -58B
11:00 AM ET KC Fed Composite Index (Mar), 0
11:00 AM ET KC Fed Manufacturing Index (Mar), -9
13:00 PM ET 10-Year TIPS Auction, 1.220%

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