January 6, 2016: Markets opened lower on Wednesday and pretty much lost ground throughout the day’s trading session. China weakened its currency again this morning, getting the negative thoughts rolling early. Energy and basic materials led the slide even before the EIA report on crude oil inventory levels sent crude prices tumbling. WTI crude oil for February delivery traded down about 5.6% today to settle at $33.97, its lowest price in more than a decade. Gold for February delivery traded higher by 1.3% to settle at $1,091.90 for the day, it’s highest close in two months. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 1.56% for the day, the S&P 500 traded down 1.42%, and the Nasdaq Composite traded down 1.22%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Chevron Corp. (NYSE: CVX) which traded down 4.05% at $85.98. The stock’s 52-week range is $69.58 to $112.93. Volume was about 10% above the daily average of around 10 million shares traded. Collapsing crude price weighed hard on Chevron stock today.
American Express Co. (NYSE: AXP) traded down 2.82% at $64.39. The stock’s 52-week range is $64.24 to $91.81, and a second consecutive low was posted today. Trading volume was more than 40% higher than the daily average of around 5.6 million. The credit card issuer lost a major client on Monday as Fidelity Investments dropped Amex cards and the stock has been pummeled ever since.
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United Technologies Corp. (NYSE: UTX) traded down 2.72% at $93.12. The stock’s 52-week range is $85.50 to $124.45. Trading volume was about 20% above the daily average of around 4.8 million. The company’s Pratt & Whitney engine division will post a $870 million charge in the fourth quarter.
Apple Inc. (NASDAQ: AAPL) traded down 2.17% at $100.48. The stock’s 52-week range is $92.00 to $134.54. Trading volume was about 50% higher than the daily average of about 43 million. The company continues to suffer from reports that surfaced yesterday that Apple planned to cut production on the iPhone 6S.
Of the Dow 30 stocks 29 are set to close lower today and just 1 (Walmart) is on track to close higher.
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