July 7, 2016: Markets opened higher Thursday, and in a reverse from Wednesday’s trading, traded lower by the end of the day’s session. The British pound posted another low against the dollar and the euro was also lower. Telecom, utilities, and energy were the big losing sectors today and the best performers were industrials and tech, both of which traded essentially flat. WTI crude oil for August delivery settled at $45.14 a barrel, down 4.8% for the day. August gold dropped 0.4% on the day to settle at $1,362.10. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.14% for the day, the S&P 500 traded down 0.08%, and the Nasdaq Composite traded up 0.37%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Verizon Communications Inc. (NYSE: VZ) which traded down 1.64% at $55.34. The stock’s 52-week range is $38.06 to $56.95. Volume was about 45% below the daily average of around 8.9 million shares. Citigroup thinks that investors may have chased Verizon’s and AT&T’s share prices too high based primarily on their big dividends.
Chevron Corp. (NYSE: CVX) traded down 1.50% at $103.01. The stock’s 52-week range is $69.58 to $105.00, a new high posted today. Trading volume was about 10% below the daily average of around 6.8 million shares. The integrated oil giant had no specific news Thursday, but with crude trading down 5%, investors shed Chevron shares as well.
Exxon Mobil Corp. (NYSE: XOM) traded down 1.20% at $92.96. The stock’s 52-week range is $66.55 to $94.49, and the high was posted early this morning. Trading volume was about 10% below the daily average of around 11 million. The company suffered from the drop in both oil and natural gas prices.
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UnitedHealth Group Inc. (NYSE: UNH traded down 1.14% at $140.76. The stock’s 52-week range is $95.00 to $142.96. Volume was about 15% below the daily average of around 3.2 million shares. The company had no specific news.
Of the 30 Dow stocks 14 are set to close lower Thursday and 16 are on track to close higher.
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