January 5, 2016: Markets opened higher on Tuesday even though the sell-off in China was worse than Monday. The dollar added strength early in the day, and tech stocks were among the day’s losers. WTI crude oil for February delivery traded down about 2.2% today to settle at $35.97. Gold for February delivery traded higher by 0.3% to settle at $1,078.40 for the day. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded down 0.02% for the day, the S&P 500 traded up 0.22%, and the Nasdaq Composite traded down 0.15%. The DJIA traded within a hair of its breakeven line, so the final bell could see a small gain or a small decline
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Apple Inc. (NASDAQ: AAPL) which traded down 2.56% at $102.65. The stock’s 52-week range is $92.00 to $134.54. Trading volume was about 10% higher than the daily average of about 43 million. The company was hit by reports that it planned to cut production on the iPhone 6S.
The Walt Disney Co. (NYSE: DIS) traded down 1.92% at $101.00. The stock’s 52-week range is $90.00 to $122.08. Volume was about 50% above the daily average of around 9.2 million shares traded. The company’s stock continues to be hammered by fears that cable subscriber numbers will continue falling, especially for Disney’s ESPN network.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.81% at $173.93. The stock’s 52-week range is $167.49 to $218.77. Trading volume was about 30% above the daily average of around 2.8 million. The investment bank had no specific news today.
American Express Co. (NYSE: AXP) traded down 1.81% at $66.36. The stock’s 52-week range is $65.67 to $93.94, and the low was posted today. Trading volume was more than 50% higher than the daily average of around 5.6 million. The credit card issuer lost a major client on Monday as Fidelity Investments dropped the Amex cards in favor of Visa cards issued by U.S. Bancorp.
Of the Dow 30 stocks 10 are set to close lower today and 20 are on track to close higher. But Goldman Sachs, Apple and Disney combined carry more than 15% of the DJIA’s price-weighted average.
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