August 30, 2016: Markets opened slightly higher Tuesday but equities dipped below the break-even line early and stayed there the rest of the day. The only sector trading higher late in the day was financials, with the telecom and consumer discretionary sectors leading the losers. Investors and traders likely have their eyes set on Friday’s report on non-farm payrolls. WTI crude oil for October delivery settled at $46.35 a barrel, down 1.3% for the day. December gold closed down 0.8% on the day to settle at $1,316.50. Equities were headed for a lower close shortly before the bell as the DJIA traded down by 0.36% for the day, the S&P 500 traded down 0.31%, and the Nasdaq Composite traded down 0.35%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was The Boeing Co. (NYSE: BA) which traded down 1.62% at $130.74. The stock’s 52-week range is $102.10 to $150.59. Volume was about 30% below the daily average of around 3.8 million shares. The company said it is not going to raise prices for its commercial jets in 2016.
Nike Inc. (NYSE: NKE) traded down 1.03% at $58.03. The stock’s 52-week range is $51.48 to $68.19. Trading volume was about half the daily average of around 10.3 million. The sports gear maker had no specific news Tuesday.
Apple Inc. (NASDAQ: AAPL) traded down 0.92% at $105.84. The stock’s 52-week range is $89.47 to $123.82. Volume was about 35% below the daily average of around 3 million shares. The European Commission is seeking a $14.5 billion payment from the company for unpaid taxes.
Caterpillar Inc. (NYSE: CAT) traded down 0.78% at $82.45. The stock’s 52-week range is $56.36 to $84.73. Volume was about 35 % of the daily average of around 4.4 million shares. The company had no specific news Tuesday.
Of the 30 Dow index stocks 7 are on track to close higher Tuesday and 23 are set to close lower.
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