November 4, 2015: Markets opened higher on Wednesday following an in-line report on jobs from ADP and somewhat smaller-than-expected U.S. trade deficit. The EIA report on crude oil stockpiles showed another increase and that sent crude prices tumbling, with WTI crude losing 3.3%, to settle at $46.32 per barrel. Fed Chairwoman Janet Yellen told a House panel that a December interest rate hike could come in December if economic data improves. Gold ended down $7.90, or 0.7%, to settle at $1,106.20. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.34% for the day, the S&P 500 traded down 0.44%, and the Nasdaq Composite traded down 0.20%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was The Walt Disney Co. (NYSE: DIS) which traded down 2.24% at $112.96. The stock’s 52-week range is $88.65 to $122.08. Volume was about 60% above the daily average of about 11.8 million shares traded. The House of Mouse was caught by the dim forecast out today from Time Warner.
Chevron Corp. (NYSE: CVX) traded down 1.35% at $96.82. The stock’s 52-week range is $69.58 to $119.73. Trading volume was about 30% below the daily average of about 12 million. The company had no specific news again today, but today’s dip in crude prices weighed on the company’s share price.
Pfizer Inc. (NYSE: PFE) traded down 1.35% at $34.22. The stock’s 52-week range is $28.47 to $36.46. Trading volume was about 10% below the daily average of around 28.5 million. The company’s stock is probably reacting to the good results posted by Allergan today. The results are likely to make a combination of the two companies more expensive for Pfizer.
Exxon Mobil Corp. (NYSE: XOM) traded down 1.13% at $85.88. The stock’s 52-week range is $66.55 to $97.20. Trading volume was about 30% below the daily average of about 16 million. The EIA’s inventory report weighed on both Exxon and Chevron shares today.
Of the Dow 30 stocks 17 are set to close lower today and 13 are on track to close higher.