November 1, 2017: Markets opened higher Wednesday as investors and traders waited to hear from the FOMC this afternoon: no interest rate hike and the Fed will continue to whittle down its balance sheet. The day’s big earnings reports come after the bell, with Facebook, Qualcomm, and Tesla on the schedule. WTI crude oil for December delivery settled at $54.30 a barrel, down less than 0.2% for the day following the EIA report on U.S. stockpiles. December gold added 0.5% on the day to settle at $1,277.30. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.30% for the day, the S&P 500 traded up 0.22%, and the Nasdaq Composite traded down 0.13%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Intel Corp. (NASDAQ: INTC) which traded up 2.50% at $46.62. The stock’s 52-week range is $33.23 to $46.71 with a new high set this afternoon. Volume was about 40% higher than the daily average of around 24 million shares. The company continues to get a boost from reports that Apple will replace some of its Qualcomm modem chips with Intel chips in the next iPhone.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 1.46% at $34.65. The stock’s 52-week range is $29.12 to $34.75 and the high was posted this morning. Volume was about 20% below the daily average of around 19 million shares. The company is reportedly looking to shed NDS Group for which Cisco paid $5 billion just 5 years ago.
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The Walt Disney Co. (NYSE: DIS) traded up 1.34% at $99.12X. The stock’s 52-week range is $91.69 to $116.10. Volume was about 45% below the daily average of around 8 million shares. The company had no specific news.
Visa Inc. (NYSE: V) traded up 1.02% at $111.11. The stock’s 52-week range is $75.17 to $111.40, a new high posted this morning. Volume was about 25% lower than the daily average of around 6.7 million. The credit card issuer had no specific news Wednesday.
Of the Dow stocks, 21 are on track to close higher Wednesday and 9 are set to close lower.
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