October 19 2015: Markets opened lower on Monday after China reported a slight beat on estimates for its Q3 GDP report (up 6.9% vs. 6.8% estimate). The bad news is that the government’s own estimate was 7%. The news weighed on oil and earnings from services company Halliburton did not pick up any slack. WTI oil for November delivery settled at $45.89, down nearly 3% on the day. Gold settled at $1,172.80, down 0.9%. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded down 0.06% for the day, the S&P 500 traded down 0.07%, and the Nasdaq Composite traded up 0.26%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was Exxon Mobil Corp. (NYSE: XOM) which traded down 1.88% at $80.93. The stock’s 52-week range is $66.55 to $97.20. Trading volume was about a third below the daily average of around 16 million. The company had no specific news today, but low crude oil prices weighed down the stock.
Chevron Corp. (NYSE: CVX) traded down 1.34% at $90.07. The stock’s 52-week range is $69.58 to $120.17. Trading volume was half the daily average of around 12 million. Like Exxon, a falling crude price is not good for the giant oil-producer.
United Technologies Corp. (NYSE: UTX) traded down 1.37% at $91.73. The stock’s 52-week range is $85.50 to $124.45. Trading volume was about 20% lower than the daily average of around 5.8 million. The aerospace and defense firm reports earnings after markets close Monday.
International Business Machines Corp. (NYSE: IBM) traded lower by 0.98% at $148.91. The stock’s 52-week range is $140.56 to $176.30. Trading volume was about 5% below the daily average of around 4.2 million. The tech giant reports earnings after Monday’s close. Estimates are well below last year’s totals, so even a beat is not especially good news.
Of the Dow 30 stocks 25 are set to close higher today and 5 are on track to close lower.
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