Dow stocks hitting 52-week highs include American Express (AXP) 261.09 (+0.81%), IBM (IBM) 217.16 (+1.10%), 3M (MMM) 134.61 (+1.07%), Verizon (VZ) 45.00 (+1.28%) and Walmart (WMT) 80.56 (-0.05%). Dow stock 52-week lows include Boeing (BA) 155.55 (-0.78%).

The Market

Premarket today, the Dow was indicated to be up +138 points.

Monday the Dow closed up +226.30 (+0.55%) at 41,622.08.

Year-to-date the Dow is up +10.43%.

Monday, (25) Dow stocks were up, (1) made 52-week lows, and (4) made 52-week highs.

The Dow stock winners Monday were led by Intel (INTC)20.91 (+6.36%), Merck (MRK) 117.96 (+2.49%) and Cisco (CSCO) 242.26 (+2.47%).

The Dow stock losers Monday were led by Apple (AAPL) 216.32 (-2.78%), Amazon (AMZN) 184.89 (-0.86%) and Boeing (BA) 155.55 (-0.78%).

The VIX closed Monday at 17.14 (+3.50%) and the 10 YR at 3.623 (+0.11%). The VIX is currently at 17.06 (-0.47%). The 10YR is at 3.623 (+0.11%).

The Dow Jones Industrial Average hit a new all-time high on Monday, as the 30-stock index advanced 228.30 points, or 0.55%, for the day.

Amazon (AMZN) is saying goodbye to the hybrid working schedule. CEO Andy Jassy said Monday that corporate workers should be in the office five days a week starting January 2.

Intel (INTC) shares soared after hours on Monday as the company unveiled plans to turn its foundry business into an independent unit. It would have its own board and could potentially raise outside capital, Intel said. The restructuring is part of CEO Pat Gelsinger’s plan to turn the chipmaker around and comes as Intel’s stock has lost almost 60% of its value in 2024. The company has spent roughly $25 billion over the past two years on the foundry business, which Intel plans to use to manufacture chips for other customers. Intel also said Monday that it struck a deal with Amazon to produce custom chips for AI. It added that it would pause some efforts in Poland and Germany, but said U.S. manufacturing projects are unaffected.

Boeing (BA) unveiled sweeping cost-cutting measures Monday as it deals with more than 30,000 factory workers in Washington and Oregon who went on strike last week. The manufacturer said it would implement a hiring freeze, put a pause on nonessential staff travel and reduce supplier spending to save money.

Microsoft (MSFT) rose 2% after the tech giant hiked its quarterly dividend by 10.7% to 83 cents per share. The company also approved a $60 billion buyback program.

Retail sales were stronger than expected in August, as consumers showed resilience despite fears of an economic pullback. The Commerce Department’s initial estimate for all sales showed an increase of 0.1% on the month, down sharply from the upwardly revised gain of 2.3% in July but better than the forecast for a decline of 0.2%. Excluding autos, sales increased 0.1%, slightly lower than the 0.2% consensus estimate. The retail sales numbers are adjusted for seasonal factors but not inflation. Spending rose 1.7% for miscellaneous stores and 1.4% for online retailers. With oil prices falling, gas stations saw a 1.2% decline in receipts while sales at clothing and furniture stores fell 0.7% each.

The FOMC meets today and tomorrow and is expected to cut rates. The market is divided on the size of the potential reduction. Traders are currently pricing in a 67% chance that the central bank eases rates by 50 basis points.

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

The national average price of gasoline is down five-tenths of a cent at $3.203 per gallon.

Earnings Reports

Nike (NKE) reports earnings on 9/26/24 after the market close.

JPMorgan (JPM) reports earnings on 10/11/24 before the market open.

Today’s Featured Dow Stock

Cisco (CSCO)

Cisco (CSCO) 51.03 (+2.47%) is up +1.01% in 2024.

Financial Calendar

08:30 AM ET Core Retail Sales (MoM) (Aug), 0.2%, 0.4%
08:30 AM ET Retail Control (MoM) (Aug), 0.3%
08:30 AM ET Retail Sales (YoY) (Aug), 2.66%
08:30 AM ET Retail Sales (MoM) (Aug), -0.2%, 1.0%
08:30 AM ET Retail Sales Ex Gas/Autos (MoM) (Aug), 0.3%, 0.4%
08:55 AM ET Redbook (YoY), 6.5%
09:15 AM ET Capacity Utilization Rate (Aug), 77.9%, 77.8%
09:15 AM ET Industrial Production (YoY) (Aug), -0.18%
09:15 AM ET Industrial Production (MoM) (Aug), 0.1%, -0.6%
09:15 AM ET Manufacturing Production (MoM) (Aug), -0.3%
10:00 AM ET Business Inventories (MoM) (Jul), 0.4%, 0.3%
10:00 AM ET Fed Logan Speaks
10:00 AM ET NAHB Housing Market Index (Sep), 41, 39
10:00 AM ET Retail Inventories Ex Auto (Jul), 0.5%, 0.5%
10:00 AM ET Milk Auctions, 3,833.0
12:00 PM ET Atlanta Fed GDPNow (Q3), 2.5%, 2.5%
13:00 PM ET 20-Year Bond Auction, 4.160%
16:30 PM ET API Weekly Crude Oil Stock, -2.790M