The Dow Market Happenings For Tuesday, March 28, 2023 – Dow (DOW) 52.00 Up +3.20% 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 down -29 points.

Monday the Dow closed up +194.55 (+0.60%) at 32,432.08.

Year-to-date the Dow is down -2.74%.

Monday, (22) 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 IBM (IBM) 129.31 (+3.21%), JPMorgan (JPM) 128.49 (+2.87%) and American Express (AXP) 163.12 (+2.09%).

The Dow stock losers Monday were led by Nike (NKE) 117.81 (-2.40%), Microsoft (MSFT) 276.38 (-1.49%) and Apple (AAPL) 158.28 (-1.23%).

The VIX closed Monday at 20.60 (-5.24%). The VIX is currently at 21.05 (+2.18%). The 10YR is at 3.543.

Stock futures came under pressure as bond yields rose, with the rate on the 2-year U.S. Treasury note rising back above 4%. Worries about the crisis among U.S. regional banks have been assuaged thanks in part to policymakers’ efforts to alleviate the challenges, and investors’ fear that higher rates could push the economy into a recession came back into focus.

Disney (DIS) CEO Bob Iger told employees Monday that the company’s planned layoffs would begin this week. Overall, the company aims to cut 7,000 jobs across its operations as it looks to shed more than $5 billion in costs. This week brings the first of three rounds of layoffs. The second round of layoffs in April, Iger said in a memo, will be bigger. The company hopes to wrap up the job cuts before summer, he added. Since Iger returned in November, he has reorganized Disney into three segments, including designating ESPN as its own unit, and suggested he’s open to selling the company’s majority stake in Hulu as part of a push to focus more on Disney’s core, family-oriented brands.

Walgreens (WBA) stock advanced 1.7% after the company posted better-than-expected fiscal second-quarter results. Adjusted earnings per share came in at $1.16, above the $1.10 anticipated by analysts, per Refinitiv. Meanwhile, the company reported revenue at $34.86 billion, beating the $33.53 billion expected by Wall Street.

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

The national average price of gasoline is down four-tenths of a cent at $3.435 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) reported earnings on 3/28/23 before the market open with $1.16, beating estimates of $1.099 per share.

Today’s Featured Dow Stock

Dow (DOW)

Dow (DOW) 52.00 (+0.42%) is up +3.20% in 2023.

Financial Calendar

08:30 AM ET Goods Trade Balance (Feb), -91.00B, -91.09B
08:30 AM ET Retail Inventories Ex Auto (Feb), 0.1%
08:30 AM ET Wholesale Inventories (MoM), 0.2%, -0.4%
08:55 AM ET Redbook (YoY), 3.2%
09:00 AM ET House Price Index (YoY) (Jan), 6.6%
09:00 AM ET House Price Index (MoM) (Jan), -0.2%, -0.1%
09:00 AM ET House Price Index (Jan), 392.1
09:00 AM ET S&P/CS HPI Composite – 20 s.a. (MoM) (Jan), -0.5%, -0.5%
09:00 AM ET S&P/CS HPI Composite – 20 n.s.a. (MoM) (Jan), -0.9%
09:00 AM ET S&P/CS HPI Composite – 20 n.s.a. (YoY) (Jan), 2.5%, 4.6%
10:00 AM ET CB Consumer Confidence (Mar), 101.0, 102.9
10:00 AM ET Fed Barr Testimony
10:00 AM ET Richmond Manufacturing Index, -16
10:00 AM ET Richmond Manufacturing Shipments, -15
10:00 AM ET Richmond Services Index, -3
10:30 AM ET Dallas Fed Services Revenues, 6.6
10:30 AM ET Texas Services Sector Outlook (Mar), -9.3
13:00 PM ET 5-Year Note Auction, 4.109%
15:30 PM ET API Weekly Crude Oil Stock, 3.262M

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