April 26, 2016: Markets opened higher Tuesday but dollar weakness pushed crude oil prices higher. The FOMC will end its April meeting on Wednesday, with observers expecting no change to the interest rate. Apple reports earnings after the bell Tuesday and expectations are muted for iPhone sales. Energy and basic materials led sector gainers while telecom and tech were the day’s losers. WTI crude oil for June delivery settled at $44.04 a barrel, up 3.3% for the day. June gold added 0.3% on the day to settle at $1,243.40. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded flat for the day, the S&P 500 traded up 0.16%, and the Nasdaq Composite traded down 0.17%. Equities traded very near the flat line as time was running out on Tuesday’s session. The final tally could fall on either side when the bell rings.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was The Procter & Gamble Co. (NYSE: PG) which traded down 2.25% at $79.58. The stock’s 52-week range is $65.02 to $83.87. Trading volume was about 30% above the daily average of around 9.3 million. The company posted quarterly results this morning that included a drop in sales.
Microsoft Corp. (NASDAQ: MSFT) traded down 1.40% at $51.38. The stock’s 52-week range is $39.72 to $56.85. Volume was about 20% below the daily average of around 35 million shares traded. The software giant had no specific news Tuesday.
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3M Company (NYSE: MMM) traded down 1.39% at $166.04. The stock’s 52-week range is $134.00 to $170.77. Trading volume was about 10% above the daily average of around 2.3 million. The industrial giant also reported earnings this morning, and also posted lower sales though profits did improve. As the most heavily weighted of the Dow stocks, 3M’s impact on Tuesday’s index was likely decisive.
Apple Inc. (NASDAQ: AAPL) traded down 0.82% at $104.22. The stock’s 52-week range is $92.00 to $134.54. Volume was about 15% below the daily average of around 38.7 million shares. The tech firm reports earnings after the bell Tuesday.
Of the Dow 30 stocks 16 are set to close higher on Tuesday and 14 are on track to close higher.
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