October 27, 2015: Markets opened lower again on Tuesday with an eye on Wednesday’s announcement from the FOMC on the fed funds rate. No one really expects a rate increase, but you never know. Energy markets were weaker today, with WTI crude oil for December delivery settling at $43.20 a barrel, down 1.8% on the day. Gold settled down $0.40 at $1,165.80 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.28% for the day, the S&P 500 traded down 0.31%, and the Nasdaq Composite traded down 0.17%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was International Business Machines Corp. (NYSE: IBM) which traded down 4.07% at $137.84. The stock’s 52-week range is $137.33 to $176.30. Trading volume was about 3 times the daily average of about 4.3 million. The company today revealed an SEC investigation into revenue recognition policies.
United Technologies Corp. (NYSE: UTX) traded down 1.42% at $98.80. The stock’s 52-week range is $85.50 to $124.45. Volume is about 40% below the daily average of 5.6 million shares traded. The defense contractor had no specific news today.
Chevron Corp. (NYSE: CVX) traded down 1.30% at $87.63. The stock’s 52-week range is $69.58 to $120.17. Trading volume was about 35% below the daily average of around 12 million. The federal budget deal that includes sales from the strategic petroleum reserve will not help raise crude oil prices.
Wal-Mart Stores Inc. (NYSE: WMT) traded down 1.07% at $57.40. The stock’s 52-week range is $57.38 to $90.97, and the low was posted today. Trading volume was about 20% below the daily average of around 11.5 million. The company had no specific news today.
Of the Dow 30 stocks 19 are set to close lower today and 11 are on track to close higher.
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