May 10, 2017: Markets opened mixed Wednesday with the blue chips starting low and slipping lower, partly on an unpopular report from Disney and partly on the hubbub around the firing of FBI director James Comey. Energy stocks posted the day’s biggest gains following a bullish report on U.S. inventories. Healthcare and industrial stocks lagged. WTI crude oil for June delivery settled at $47.33 a barrel, up 3.2% on the day, it’s biggest one-day gain since November. June gold added 0.2% for the day to settle at $1,218.90. Equities were headed for a mixed close shortly before the bell as the DJIA traded down 0.16% for the day, the S&P 500 traded up 0.07%, and the Nasdaq Composite traded up 0.05%.
Stocks traded very near the break-even line just minutes before the closing bell. The closing tally could finish with either a small gain or a small loss for any or all of the indexes.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was The Walt Disney Co. (NYSE: DIS) which traded down 2.55% at $109.225. The stock’s 52-week range is $90.32 to $116.10. Volume was well above double the daily average of around 5.7 million shares. The company missed revenue estimates Tuesday afternoon along with other troubles in ESPN subscriber numbers.
The Boeing Co. (NYSE: BA) traded down 1.32% at $183.05. The stock’s 52-week range is $122.35 to $187.21. Volume was approaching double the daily average of around 3 million shares. A late report of a cracked part in the engine of the 737 MAX could delay first shipments of the company’s new single-aisle passenger plane.
Intel Corp. (NASDAQ: INTC) traded down 1.00% at $36.01. The stock’s 52-week range is $29.50 to $38.45. Volume was about 25% below the daily average of around 23 million shares. The company had no specific news Wednesday.
General Electric Co. (NYSE: GE) traded down 0.88% at $28.67. The stock’s 52-week range is $28.19 to $33.00. Volume was about 35% below the daily average of around 29 million. The company is 50% partner with France’s Safran in the company that manufactures the Boeing 737 MAX Leap-1B engine.
Of the Dow stocks, 12 are on track to close higher Wednesday and 18 are set to close lower.