June 22, 2016: Markets opened higher for a third straight day Wednesday on wavering sentiment that Thursday’s Brexit vote will keep Britain in the European Union. That put some air under oil prices, at least until the U.S. inventory report sent prices down more than 4% for their intra-day high. The dollar weakened against the euro and bonds traded down as well. WTI crude oil for August delivery settled at $49.13 a barrel, down 1.4% for the day. August gold slipped 0.2% on the day to settle at $1,270.00. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.23% for the day, the S&P 500 traded down 0.11%, and the Nasdaq Composite traded down 0.18%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was McDonald’s Corp. (NYSE: MCD) which traded down 1.65% at $120.61. The stock’s 52-week range is $87.50 to $131.96. Volume was less than 10% above the daily average of around 5.3 million shares. The fast-food giant’s stock was downgraded at Nomura and Tuesday’s announcement that McDonald’s is looking for a buyer for its Chinese stores is weighing on growth prospects.
Chevron Corp. (NYSE: CVX) traded down 0.92% at $102.29. The stock’s 52-week range is $69.58 to $104.26. Trading volume was about half the daily average of around 6.8 million shares. The oil and gas supermajor had no specific news, but a lower crude price is never good news for Chevron.
The Travelers Companies Inc. (NYSE: TRV) traded down 0.82% at $111.80. The stock’s 52-week range is $95.21 to $118.28. Volume was about 20% below the daily average of around 1.5 million shares. The company had no specific news Wednesday.
Visa Inc. (NYSE: V) traded down 0.81% at $76.70. The stock’s 52-week range is $60.00 to $81.73. Trading volume was about equal to the daily average of around 7.8 million. The credit card issuer became the official card at Costco stores on Monday, replacing long-time Costco partner Amex..
Of the Dow 30 stocks 23 are set to close lower Wednesday and 7 are on track to close higher.
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