July 26, 2016: Markets opened higher Tuesday ahead of Wednesday’s FOMC announcement on interest rate changes (none expected) and a press conference with Fed chairwoman Janet Yellen. Earnings reports from some major companies offset lower expectations for tech giant Apple due out after the close Tuesday.The telecom sector posted the biggest loss on the day. WTI crude oil for September delivery settled at $42.92 a barrel, down 0.5% for the day. August gold inched up 0.1% on the day to settle at $1,320.80. Equities were headed for a mixed close shortly before the bell as the DJIA traded down 0.12% for the day, the S&P 500 traded up 0.02, and the Nasdaq Composite traded up 0.23%, seemingly ignorant of the Apple effect.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was McDonald’s Corp. (NYSE: MCD) which traded down 4.47% at $121.70. The stock’s 52-week range is $87.50 to $131.96. Volume was more than double the daily average of around 5.2 million shares. The company reported earnings this morning and shares are tumbling on poor sales growth in the United States.
Verizon Communications Inc. (NYSE: VZ) traded down 2.00% at $54.75. The stock’s 52-week range is $38.06 to $56.95. Volume was less than 10% below the daily average of around 13 million shares. The telecom giant had no specific news..
Nike Inc. (NYSE: NKE) traded down 1.47% at $56.30. The stock’s 52-week range is $89.47 to $123.91. Trading volume was about 30% below the daily average of around 10.6 million. The company had no news, but competitor Under Armour whiffed on earnings today and is about to begin a relationship to sell its gear in Kohl’s stores..
The Coca-Cola Co. (NYSE: KO) traded down 1.21% at $45.02. The stock’s 52-week range is $36.56 to $47.13. Trading volume was about 20% below the daily average of around 11 million shares. The soft-drinks maker reports second-quarter results Wednesday morning.
Of the 30 Dow index stocks 16 are on track to close lower Tuesday and 14 are set to close higher.
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