October 23, 2017: Markets opened slightly higher Monday, apparently marking time for more earnings reports out later this week; some biggies tomorrow, 3M, Caterpillar, UTC, and McDonald’s. No S&P sector traded even moderately positive Monday, with industrials and telecoms sinking the most. WTI crude oil for December delivery settled at $51.90 a barrel, up just 6 cents on the day. December gold added 40 cents on the day to settle at $1,280.90. Equities were headed for a narrowly lower close shortly before the bell as the DJIA traded down 0.15% for the day, the S&P 500 traded down 0.35%, and the Nasdaq Composite traded down 0.63%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was General Electric Co. (NYSE: GE) which traded down 6.71% at $22.24. The stock’s 52-week range is $22.10 to $32.38. Volume was about four times the daily average of around 45 million shares. An analyst at Morgan Stanley rated the company to Underweight (the equivalent of Sell) following last Friday’s big cut to profit guidance.
McDonald’s Corp. (NYSE: MCD) traded down 1.66% at $163.54. The stock’s 52-week range is $110.83 to $167.90. Volume was 25% above the daily average of around 3.5 million. The fast food giant had no specific news and will report third quarter results early Tuesday morning.
International Business Machines Corr. (NYSE: IBM) traded down 1.51% at $159.62. The stock’s 52-week range is $139.13 to $182.79. Volume was less than 10% below the daily average of around 4.2 million shares. The company had no specific news.
The Procter & Gamble Co. (NYSE: PG) traded down 1.12% at $87.26. The stock’s 52-week range is $81.18 to $94.67. Volume was about 50% above the daily average of around 6.8 million shares. The company had no specific news Monday.
Of the Dow stocks, 18 are on track to close higher Monday and 12 are set to close lower.