March 2, 2016: Markets opened lower on Wednesday after ADP’s employment number rose more than expected, which pushed equity prices lowers as some investors believe the Fed will raise rates more quickly if employment totals keep rising. The “official” employment situation report is due Friday before markets open. Traders also believe that a massive rise in the crude inventory was offset by 25,000 fewer barrels of U.S. production and higher than usual imports. WTI crude oil for April delivery settled at $34.66 a barrel, up about 0.8% on the day. April gold rose 0.9% to settle at $1,241.80 for the day. Equities were headed for a slightly higher close shortly before the closing bell as the DJIA traded up 0.07% for the day, the S&P 500 traded up 0.24%, and the Nasdaq Composite traded up 0.10%. Volume was light today and losers outnumbered winners among the Dow stocks, so we’ve looked at today’s two biggest gainers and two biggest losers.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday International Business Machines Corp. (NYSE: IBM) which traded up 1.64% at $136.54. The stock’s 52-week range is $116.90 to $176.30. Volume was about 20% below the daily average of around 11 million shares. The company said had no specific news today.
Chevron Corp. (NYSE: CVX) traded 0.87% at $86.88. The stock’s 52-week range is $69.58 to $112.20. Trading volume was about 30% below the daily average of around 12.8 million. The company had no specific news today.
Nike Inc. (NYSE: NKE) traded down 1.22% at $62.15. The stock’s 52-week range is $50.07 to $70.61. Volume was about 40% below the daily average of around 10.6 million shares traded. The athletic gear maker had no specific news today.
24/7 Wall St.Visa Inc. (NYSE: V) traded down 0.74% at $74.09. The stock’s 52-week range is $60.00 to $81.01. Trading volume was about 60% below the daily average of around 11 million. The credit card issuer had no specific news today.
Of the Dow 30 stocks 17 are set to close lower today and 13 are on track to close higher.
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