January 8, 2018: Markets opened mixed Monday after remarks by some Fed officials that interest rates could get more than three raises next year as the economy grows. New tax legislation also plays a part as do rising commodity prices. Fourth-quarter results begin to trickle in this week, with a few major financial stocks reporting Friday. WTI crude oil for February delivery settled at $61.73 a barrel, up 0.5% for the day. February gold dropped about 0.1% on the day to settle at $1,320.40, the yellow metal’s first losing session after 11 straight winners. Equities were headed for a narrowly mixed close shortly before the bell as the DJIA traded down 0.06% for the day, the S&P 500 traded up 0.17%, and the Nasdaq Composite traded up 0.31%.
Bitcoin futures for January delivery traded at $14,725, down about 11.2% on the CME after opening at $16,245 this morning. Only 931 contracts had been traded in the session and open interest is just 671.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was UnitedHealth Group Inc. (NYSE: UNH) which traded down 1.57% at $225.13. The stock’s 52-week range is $156.09 to $231.77. Volume was about 30% below the daily average of around 3 million. The healthcare company had no specific news.
The Walt Disney Co; (NYSE: DIS) traded down 1.42% at $110.04. The stock’s 52-week range is $96.20 to $116.10. Volume was about 30% below the daily average of around 8.4 million shares. The company had no specific news Monday
General Electric Co. (NYSE: GE) traded down 1.32% at $18.30. The stock’s 52-week range is $17.25 to $31.66. Volume was about 25% below the daily average of around 82 million shares. Analysts at J.P. Morgan cut the stock’s price target — and after the stock was the leading yearly gainer among the Dow 30 at the end of the year’s first week of trading.
Pfizer Inc. (NYSE: PFE) traded down 1.17% at $36.43. The stock’s 52-week range is $30.90 to $37.35. Volume was about 20% below the daily average of around 15 million shares. The company said over the weekend that it plans to end proprietary neuroscience research.
Of the Dow stocks, 13 are on track to close higher Monday and 17 are set to close lower.