August 19, 2016: Markets opened lower Friday as European markets drifted lower and Asian markets closed mixed though very close to the break-even line. No economic data was published today and the latest rig count showed an increase of 10. WTI crude oil for September delivery settled at $48.52 a barrel, up 0.6% for the day and 9.1% for the week. December gold closed down 0.8% on the day to settle at $1,346.20, but up about 0.2% for the week. Equities were headed for a slightly lower close shortly before the bell as the DJIA traded lower by 0.23% for the day, the S&P 500 traded down 0.15%, and the Nasdaq Composite traded down 0.04%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was Wal-Mart Stores Inc. (NYSE: WMT) which traded down 2.06% at $72.77. The stock’s 52-week range is $56.30 to $75.19, and the high was posted Thursday. Trading volume was nearly 30% higher than the daily average of around 8.6 million. The world’s largest retailer had no specific news.
McDonald’s Corp. (NYSE: MCD) traded down 1.70% at $115.14. The stock’s 52-week range is $87.50 to $131.96. Volume was less than 10% above the daily average of around 5.2 million shares. The company had no specific news Friday.
Chevron Corp. (NYSE: CVX) traded down 1.02% at $102.49. The stock’s 52-week range is $69.58 to $107.58. Volume was a third below the daily average of around 6.5 million shares. Chevron is joining with Exxon and Hess in bidding for new fields in the deepwater offshore of Mexico.
Exxon Mobil Corp. (NYSE: XOM) traded down 1.01% at $88.01. The stock’s 52-week range is $66.55 to $95.55. Volume was about 40% below the daily average of around 11.1 million shares. The other DJIA energy stock is part of the Chevron partnership with Hess.
Of the 30 Dow index stocks 11 are on track to close higher Friday and 19 are set to close lower.
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