August 4, 2016: Markets opened higher Thursday following an announcement that the Bank of England will lower its policy rate from 0.5% to 0.25% and begin buying U.K. corporate bonds as well as the country’s gilts. That added to dollar strength against the euro, the British pound, and the Japanese yen. Only two sectors traded in the green Thursday, tech and basic materials, while financials led the losers. WTI crude oil for September delivery settled at $41.93 a barrel, up 2.7% for the day. December gold closed up 0.2% on the day to settle at $1,367.40. Equities were headed for a mixed close shortly before the bell as the DJIA traded down 0.01% for the day, the S&P 500 traded up 0.06%, and the Nasdaq Composite traded up 0.21%. The late trading band is not more than around 0.1 point either way from the break-even line, so the final results could be different from what we have about 10 minutes before the closing bell.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was The Walt Disney Company (NYSE: DIS) which traded down 1.10% at $95.03. The stock’s 52-week range is $86.25 to $120.65. Volume was about 15% above the daily average of around 7.4 million shares. The entertainment and media giant had no specific news.
The Home Depot Inc. (NYSE: HD) traded down 0.74% at $136.04. The stock’s 52-week range is $92.17 to $139.00. Volume was about 25% above the daily average of around 4.8 million shares. The company also had no specific news Thursday.
The Boeing Co. (NYSE: BA) traded down 0.49% at $131.22. The stock’s 52-week range is $102.10 to $150.59. Volume was about half the daily average of around 4.1 million shares. A Boeing 777 caught fire after landing in Dubai on Wednesday.
Chevron Corp. (NYSE: CVX) traded down 0.32% at $100.29. The stock’s 52-week range is $69.58 to $107.58. Trading volume was about 30% below the daily average of around 6.7 million. The supermajor oil company is planning to sell up to $5 billion in Asian assets according to a report at The Wall Street Journal.
Of the 30 Dow index stocks 16 are on track to close higher Thursday and 14 are set to close lower.
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