November 15, 2017: Markets opened lower for the third straight day Wednesday as crude oil prices opened lower and there were worries over China’s growth prospects. The consumer price index and retail sales reports were encouraging while the crude oil inventory report showed an unexpected gain. Energy was the day’s worst performing sector while telecom showed a decent gain. WTI crude oil for December delivery settled at $55.33 a barrel, down 0.7% for the day. December gold dropped 0.4% on the day to settle at $1,277.70. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.45% for the day, the S&P 500 traded down 0.46%, and the Nasdaq Composite traded down 0.45%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Caterpillar Inc. (NYSE: CAT) which traded down 2.39% at $134.25. The stock’s 52-week range is $90.34 to $140.44. Volume was about 15% below the daily average of around 3.4 million shares. The heavy equipment maker had no specific news.
The Coca-Cola Co. (NYSE: KO) traded down 1.20% at $46.86. The stock’s 52-week range is $39.88 to $47.48. Volume was about equal to the daily average of around 9 million shares. The company had no specific news Wednesday.
Visa Inc. (NYSE: V) traded down 1.37% at $110.45. The stock’s 52-week range is $75.17 to $112.91. Volume was about 25% below the daily average of around 6.5million. The company had no specific news.
United Technologies Corp. (NYSE: UTX) traded down 0.95% at $117.67. The stock’s 52-week range is $106.21 to $124.79. Volume was less than half the daily average of around 3.6 million shares. The company’s Pratt & Whitney engine division announced that it had reached agreement to install 60 of its geared-turbofan engines on Airbus A320neos going to two Chinese airlines.
Of the Dow stocks, 7 are on track to close higher Wednesday and 23 are set to close lower.
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