The Dow Market Happenings For Thursday, March 30, 2023 – Goldman Sachs (GS) 320.72 Down -6.60% 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 +202points.

Wednesday the Dow closed up +323.35 (+1.00%) at 32,717.60

Year-to-date the Dow is down -1.30%.

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

The Dow stock winners Wednesday were led by Intel (INTC) 31.52 (+7.61%), American Express (AXP) 163.59 (+2.75%), Travelers (TRV) 169.86 (+2.40%) and Salesforce (CRM) 196.64 (+2.26%).

The Dow stock losers Wednesday were led by UnitedHealth (UNH) 466.59 (-1.27%) and Merck (MRK) 104.92 (-0.58%).

The VIX closed Wednesday at 19.12 (-4.26%). The VIX is currently at 19.01 (-0.58%). The 10YR is at 3.585.

Weekly jobless claims increased by 7,000 to 198,000, adding to hopes that the Fed could slow down its tightening campaign because the labor market is cooling. Continuing claims, which run a week behind, edged up 4,000 to 1.689 million. That was below the FactSet estimate for 1.6935 million. The four-week moving average of weekly claims, which smoothes volatility in the numbers, edged up to 198,250, but has been below 200,000 since mid-January.

Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak this afternoon.

Evercore ISI upgraded shares of Walmart to an outperform rating, saying that improving traffic trends make now an ideal time to buy the retailer. “The traffic turn appears to be building, and with consumers across the demographic spectrum making wallet allocation choices after several years of record nominal retail spending, Walmart is poised to regain share,” analyst Greg Melich wrote. Shares gained more than 1% before the bell.

Finally, Major League Baseball season opens today.

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

The national average price of gasoline is up +2.7 cents at $3.488 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

Goldman Sachs (GS)

Goldman Sachs (GS) 320.72 (+0.72%) is down -6.60% in 2023.

Financial Calendar

07:00 AM ET MBA Mortgage Applications (WoW), 3.0%
07:00 AM ET MBA Purchase Index, 169.3
07:00 AM ET Mortgage Market Index, 221.0
07:00 AM ET Mortgage Refinance Index, 481.3
10:00 AM ET Fed Barr Testimony
10:00 AM ET Pending Home Sales (MoM) (Feb), -2.3%, 8.1%
10:00 AM ET Pending Home Sales Index (Feb), 82.5
10:30 AM ET Crude Oil Inventories, 0.092M, 1.117M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.022M
10:30 AM ET Crude Oil Imports, 0.051M
10:30 AM ET Cushing Crude Oil Inventories, -1.063M
10:30 AM ET Distillate Fuel Production, 0.075M
10:30 AM ET EIA Weekly Distillates Stocks, -1.455M, -3.313M
10:30 AM ET Gasoline Production, 0.392M
10:30 AM ET Heating Oil Stockpiles, 0.578M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.6% 0.4%
10:30 AM ET Gasoline Inventories, -1.617M, -6.400M
13:00 PM ET 7-Year Note Auction, 4.062%

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