May 18, 2016: Markets opened lower again Wednesday following the lead of both Asian and European markets. Both a strengthening dollar and an unexpected inventory build in U.S. crude oil stockpiles were not enough to push crude prices lower. What ultimately prevailed was the release of the FOMC’s April meeting minutes strongly indicating a June rate hike was a good possibility. WTI crude oil for June delivery settled at $48.19 a barrel, down about 0.3% for the day. June gold dropped 0.2% on the day to settle at $1,274.40. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded down 0.17% for the day, the S&P 500 traded down 0.13%, and the Nasdaq Composite traded up 0.35%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Wal-Mart Stores Inc. (NYSE: WMT) which traded down 3.43% at $62.87. The stock’s 52-week range is $56.30 to $76.50. Volume was about half the daily average of around 8.9 million shares. The big retailer reports quarterly results before the market opens Thursday and expectations are, shall we say, cool.
Nike Inc. (NYSE: NKE) traded down 1.98% at $55.97 The stock’s 52-week range is $47.25 to $68.19. Volume was about equal to the daily average of around 9.2 million shares. The athletic gear company signed an apparel deal with the U.K.’s Chelsea soccer club following a deal announced earlier this week that pays LeBron James $1 billion over the lifetime of the deal.
24/7 Wall St.The Boeing Co. (NYSE: BA) traded down 1.25% at $130.90. The stock’s 52-week range is $102.10 to $150.59. Trading volume was about 35% below the daily average of around 4.6 million. The aerospace company had no specific news.
Verizon Communications Inc. (NYSE: VZ) traded down 1.19% at $50.29. The stock’s 52-week range is $38.06 to $54.49. Trading volume was about 40% lower than the daily average of around 13.3 million. The telecom giant had no specific news Wednesday.
Of the Dow 30 stocks 20 are set to close lower Wednesday and 10 are on track to close higher.
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