August 2, 2016: Markets opened nearly flat again Tuesday on stronger oil prices early in the day before reality set in. As it is, energy is the sole sector that trades higher late this afternoon, as the consumer discretionary, financials, and industrials sectors lead the day’s losers. Automakers reported July sales this morning and that did not improve investors’ spirits either. Crude prices got a little help from a weaker dollar. WTI crude oil for September delivery settled at $39.51 a barrel, down 1.4% for the day. December gold closed up 1% on the day to settle at $1,372.60, the yellow metal’s highest closing price in more than 2 years. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.44% for the day, the S&P 500 traded down 0.56%, and the Nasdaq Composite traded down 0.76%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Pfizer Inc. (NYSE: PFE) which traded down 2.18% at $36.49. The stock’s 52-week range is $28.25 to $37.39. Volume was about 10% above the daily average of around 24.5 million shares. The drug giant reported better-than-expected earnings this morning, but investors want to hear about the possibility of breaking the company up, and Pfizer isn’t talking.
Apple Inc. (NASDAQ: AAPL) traded down 1.36% at $104.55. The stock’s 52-week range is $89.47 to $123.82. Volume was about 20% below the daily average of around 37.5 million shares. The company’s stock was downgraded at Daiwa Capital.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.28% at $156.15. The stock’s 52-week range is $138.20 to $207.78. Volume was about a third below the daily average of around 3.3 million shares. The bank is going to have answer more questions about its involvement in the 1MDB probe.
Verizon Communications Inc. (NYSE: VZ) traded down 1.19% at $53.85. The stock’s 52-week range is $38.06 to $56.95. Trading volume was about 15% above the daily average of around 13.3 million. The telecom giant had no specific news Tuesday
Of the 30 Dow index stocks 25 are on track to close higher Tuesday and 5 are set to close lower.
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