The Dow Market Happenings For Tuesday, April 2, 2024 – Home Depot (HD) 368.03 Up +6.20% YTD

Dow stocks hitting 52-week highs include Amazon (AMZN) 180.97 (+0.33%), Caterpillar (CAT) 363.74 (-0.73%) and JPMorgan (JPM) 198.94 (-0.68%). There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to be down -334 points.

Monday the Dow closed down -240.52 (-0.60%) at 39,566.85.

Year-to-date the Dow is up +4.98%.

Monday, (9) Dow stocks were up, none made 52-week lows and (3) made 52-week highs.

The Dow stock winners Monday were led by 3M (MMM) 94.02 (+6.02%), Microsoft (MSFT) 424.57 (+0.92%) and Chevron (CVX) 159.08 (+0.85%).

The Dow stock losers Monday were Home Depot (HD) 368.03 (-4.06%), Boeing (BA) 189.50 (-1.81%) and Honeywell (HON) 202.01 (-1.58%).

The VIX closed Monday at 13.65 (+4.92%) and the 10 YR at 4.302 (-0.51%). The VIX is currently at 14.68 (+7.55%). The 10YR is at 4.386 (+1.43%).

Investors are getting cautious about when the Federal Reserve will meet their 2% inflation target and begin cutting rates.

February’s core personal consumption expenditures price index released Friday showed a 2.8% annual increase, about even with December and January’s 2.9% rate and still a way to go from the Fed’s 2% inflation target.

The second quarter for stocks is off to a rough start as sticky inflation data to end last week and some strong economic data Monday sends yields higher and reduces odds the Fed will cut rates in June. Oil prices also hit a five-month high on Tuesday, adding to inflationary pressures.

On Monday, the Institute for Supply Management’s manufacturing gauge showed expansion after contracting for 16 straight months. The 10-year Treasury yield was last at 4.38%, the highest in two weeks and almost the highest levels of the year. Odds for a June rate cut based on fed futures trading are now down to about 58.8%, off from about 70% a week ago. The question now is if the momentum to start 2024 can continue if the Fed stands pat on rates.

Today we get the Job Openings and Labor Turnover Survey from February, out at 10 a.m. ET. Durable orders for February are also on deck this morning. The main event this week will be March’s big payrolls report due Friday.

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

The national average price of gasoline is down one-tenth of a cent at $3.535 per gallon.

Earnings Reports

Nike (NKE) reported earnings on 3/21/24 after the market close with $0.98, beating estimates of $0.691 per share.

JPMorgan (JPM) reports earnings on 4/12/24 before the market open.

Goldman Sachs (GS) reports earnings on 4/15/24 before the market open.

Johnson & Johnson (JNJ) reports earnings on 4/16/24 before the market open.

UnitedHealth (UNH) reports earnings on 4/16/24 before the market open.

Travelers (TRV) reports earnings on 4/17/24 before the market open.

American Express (AXP) reports earnings on 4/19/24 before the market open.

Procter & Gamble (PG) reports earnings on 4/19/24 before the market open.

Coca Cola (KO) reports earnings on 4/22/24 before the market open.

Verizon (VZ) reports earnings on 4/22/24 before the market open.

3M (MMM) reports earnings on 4/23/24 before the market open.

Microsoft (MSFT) reports earnings on 4/23/24 after the market close.

Visa (V) reports earnings on 4/23/24 after the market close.

IBM (IBM) reports earnings on 4/24/24 after the market close.

Caterpillar (CAT) reports earnings on 4/25/24 before the market open.

Dow (DOW) reports earnings on 4/25/24 before the market open.

Honeywell) reports earnings on 4/25/24 before the market open.

Merck (MRK) reports earnings on 4/25/24 before the market open.

Intel (INTC) reports earnings on 4/25/24 after the market close.

Amazon (AMZN) reports earnings on 4/25/24 after the market close.

Today’s Featured Dow Stock

Home Depot (HD)

Home Depot (HD) 368.03 (-4.06%) is up +6.20% in 2024.

Financial Calendar

08:55 AM ET Redbook (YoY), 3.9%
10:00 AM ET Durables Excluding Defense (MoM) (Feb), 2.2%
10:00 AM ET Durables Excluding Transport (MoM) (Feb), -0.4%
10:00 AM ET Factory Orders (MoM) (Feb), 1.1%, -3.6%
10:00 AM ET Factory orders ex transportation (MoM) (Feb), -0.8%
10:00 AM ET JOLTs Job Openings (Feb), 8.760M, 8.863M
10:00 AM ET Total Vehicle Sales, 15.90M, 15.81M
10:10 AM ET FOMC Member Bowman Speaks
12:00 AM ET FOMC Member Williams Speaks
12:05 AM ET FOMC Member Mester Speaks
13:30 AM ET FOMC Member Daly Speaks
16:30 AM ET API Weekly Crude Oil Stock, 9.337M

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