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January 27, 2016: Markets opened lower on Wednesday, but a brief morning sojourn into positive territory only lasted until the FOMC announcement in the early after. Traders saw their shadows and dived for cover again. If they stay burrowed up for just six more weeks that might be the good news. Energy stocks rose today as U.S. crude inventory growth was simply huge, not massive. WTI crude oil for March settled up about 2.7% today, at $32.30. February gold traded up 0.2% to settle at $1,118.30 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 1.32% for the day, the S&P 500 traded down 1.07%, and the Nasdaq Composite also traded down 2.13%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was The Boeing Co. (NYSE: BA) which traded down 8.88% at $116.64. The stock’s 52-week range is $115.02 to $158.83, and the low was posted today. Volume rose to about 7 times the daily average of around 3.8 million shares. The company’s fourth-quarter results and fiscal 2016 forecast did not strike a happy note with investors.
Apple Inc. (NASDAQ: AAPL) traded down 6.37% at $93.62. The stock’s 52-week range is $92.00 to $134.54. Volume was about 3 times the daily average of around 47 million shares traded. The high-tech giant’s quarterly report raised concerns about sales of the company’s iPhone sales.
Nike Inc. (NYSE: NKE) traded down 2.5% at $59.59. The stock’s 52-week range is $45.35 to $68.19. Trading volume was about 30% below the daily average of around 10 million. The sports apparel and gear company had no specific news today.
Merck & Co. Inc. (NYSE: MRK) traded down 2.29% at $50.27. The stock’s 52-week range is $45.69 to $62.96. Trading volume was about equal to the daily average of around 10.6 million. The company was downgraded from Buy to Neutral with a $55 price target by analysts at BofA/Merrill Lynch.
Of the Dow 30 stocks 25 are set to close lower today and 5 are on track to close higher.
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