July 25, 2016: Markets opened lower Monday ahead of Tuesday’s FOMC meeting which concludes Wednesday with an announcement on interest rate changes (none expected) and press conference with Fed chairwoman Janet Yellen. The energy sector posted the biggest loss on the day as oil and natural gas prices continue to pull back. WTI crude oil for September delivery settled at $43.13 a barrel, down 2.4% for the day. August gold dipped by 0.3% on the day to settle at $1,319.50 to start the week. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.45% for the day, the S&P 500 traded down 0.35%, and the Nasdaq Composite traded down 0.10%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was Chevron Corp. (NYSE: CVX) which traded down 2.43% at $103.10. The stock’s 52-week range is $69.58 to $107.58. Volume was about 15% below the daily average of around 6.6 million shares. The company had no specific news, but low prices for gasoline are also weighing on crude prices — a double-whammy for Chevron and its DJIA energy peer, Exxon.
Exxon Mobil Corp. (NYSE: XOM) traded down 2.01% at $92.12. The stock’s 52-week range is $66.55 to $95.55. Volume was about 30% below the daily average of around 10.6 million shares. The other DJIA energy giant also got smacked by falling crude prices.
Apple Inc. (NASDAQ: AAPL) traded down 1.52% at $97.16. The stock’s 52-week range is $89.47 to $123.91. Trading volume was about 10% below the daily average of around 39 million. The company’s stock was downgraded to Sell at BGC Financial a day ahead of the company’s quarterly earnings report.
General Electric Co. (NYSE: GE) traded down 1.42% at $31.60. The stock’s 52-week range is $19.37 to $33.00. Trading volume was about 10% above the daily average of nearly 35 million shares. Argus maintained the stock’s Buy rating today and its $36 price target, but analyst sentiment on the stock is definitely divided.
Of the 30 Dow index stocks 21 are on track to close lower Monday and 9 are set to close higher.
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