July 20, 2016: Markets opened higher Wednesday on strength in the tech sector following Microsoft’s report last night. Tech has been the best performing sector with healthcare stocks also posting a decent gain. WTI crude oil for August delivery settled at $44.94 a barrel, up 0.7% for the day following a drawdown on crude inventories offset by rise in gasoline stockpiles. The August WTI contract closed today and the September contract becomes the prompt month at $45.75 a barrel, also up 0.7% for the day. August gold dropped 1% on the day to settle at $1,319.30. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.28% for the day, the S&P 500 traded up 0.45%, and the Nasdaq Composite traded up 1.07%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Microsoft Corp. (NASDAQ: MSFT) which traded up 5.95% at $56.25. The stock’s 52-week range is $39.72 to $56.85, a new high set this afternoon. Volume was more than double the daily average of around 33 million shares. The company reported results last night that wowed investors.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 2.57% at $30.69. The stock’s 52-week range is $22.46 to $30.68, and the high was posted this afternoon. Volume was nearly double the daily average of around 23 million shares. The networking giant is riding Microsoft’s coattails, particularly the Redmond, Washington, company’s booming cloud-based business.
Intel Corp. (NASDAQ: INTC) traded up 1.72% at $35.76. The stock’s 52-week range is $24.87 to $35.93, another new high posted this afternoon. Trading volume was about 30% above the daily average of around 22.7 million. The chipmaker announces earnings after markets close this afternoon and investors are likely expecting Intel to follow in Microsoft’s footsteps.
International Business Machines Corp. (NYSE: IBM) traded up 1.30% at $161.65. The stock’s 52-week range is $116.90 to $163.07. Trading volume was about equal to the daily average of nearly 3.7 million shares. IBM also reported mixed results Monday night and, like most of the tech stocks in the DJIA, is surfing Microsoft’s big wave.
Of the 30 Dow index stocks 19 are on track to close higher Wednesday and 11 are set to close lower.
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