September 6, 2016: Markets opened higher Tuesday following the three-day Labor Day holiday, and after a morning dip below the break-even line for both the S&P 500 and DJIA, equities traded above the line for the rest of the day. The odds have dropped below 1 in 5 for a Fed rate hike this month and to just 50-50 for a December hike. WTI crude oil for October delivery settled at $44.83 a barrel, up 0.9% for the day. December gold closed up 2.1% on the day to settle at $1,354.00. Equities were headed for a higher close shortly before the bell as the DJIA traded up by 0.18% for the day, the S&P 500 traded up 0.19%, and the Nasdaq Composite traded up 0.39%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Intel Corp. (NASDAQ: INTC) which traded up 1.37% at $36.58. The stock’s 52-week range is $27.68 to $36.58, and the high was posted in afternoon trading today. Volume was about 25% below the daily average of around 22 million shares. Analysts at Evercore ISI raised their rating on the stock from Hold to Buy and raised the price target from $38 to $45 per share.
Chevron Corp. (NYSE: CVX) traded up 1.32% at $102.26. The stock’s 52-week range is $74.31 to $107.58. Trading volume was about 40% below the daily average of around 6.5 million. The energy supermajor had no specific news Tuesday.
The Boeing Co. (NYSE: BA) traded up 1.23% at $132.77. The stock’s 52-week range is $102.10 to $150.59. Volume was about 10% below the daily average of around 3.6 million shares. The company had no news today, but last week’s explosion of a SpaceX launch vehicle may benefit the missile division of the company.
Verizon Communications Inc. (NYSE: VZ) traded up 1.19% at $53.51. The stock’s 52-week range is $42.20 to $56.95. Volume was about 10% above the daily average of around 13 million shares. The telecom giant had no specific news.
Of the 30 Dow index stocks 17 are on track to close higher Tuesday and 13 are set to close lower.