January 13, 2016: Markets opened higher again on Wednesday but quickly sagged below the break-even line and spent most of the day falling further. Amazingly, perhaps, the energy sector looks like it won’t be the worst performing sector today, with the (dis)honor going to consumer discretionary and health care stocks. WTI crude oil for February delivery traded up 4 cents today to settle at $30.48, after dipping to a low of $30.10 following the EIA inventory report. Gold for February delivery traded higher by 0.2% to settle at $1,087.10 for the day, ending a three-day streak of lower closing prices. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 2.06% for the day, the S&P 500 traded down 2.27%, and the Nasdaq Composite traded down 3.04%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was E. I. du Pont de Nemours and Company (NYSE: DD) which traded down 2.99% at $56.85. The stock’s 52-week range is $47.11 to $76.59. Trading volume was about 30% below the daily average of around 6.2 million. The company had no specific news today.
The Boeing Co. (NYSE: BA) traded down 2.78% at $128.25. The stock’s 52-week range is $115.14 to $158.83. Trading volume was about equal to the daily average of around 3.7 million. The company had no specific news today.
American Express Co. (NYSE: AXP) traded down 2.56% at $62.75. The stock’s 52-week range is $62.23 to $88.42, and the low was set today. Volume was 30% above the daily average of around 6.2 million shares traded. The credit card issuer had no specific news today, but big financial stocks were punished in today’s downturn.
JPMorgan Chase & Co. (NYSE: JPM) traded down 2.63% at $57.41. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 60% above the daily average of around 15 million. The company may have bumped into a technical ceiling early this morning. Nike also had no specific news today. Another financial stock caught in the downdraft ahead of its earnings announcement Thursday morning.
Of the Dow 30 stocks 29 are set to close lower today and just 1 (Exxon Mobil) is on track to close higher.
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