Caterpillar, Apple Sink the DJIA on Monday

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January 29, 2018: Markets opened lower Monday with traders taking a breather while bond yields rose and the dollar added a little strength. The report on personal income and spending showed spending way up and saving way down. The PCE inflation rate dipped 0.1 of a point to 1.7% and core PCE inflation was flat at 1.5%.

WTI crude oil for March delivery settled at $65.56 a barrel, down 0.9% for the day. February gold also dropped about 0.98% on the day to settle at $1,340.30. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.55% for the day, the S&P 500 traded down 0.61%, and the Nasdaq Composite traded down 0.52%.

Bitcoin futures for February delivery traded at $11,170, up about 2.1% on the CBOE after opening at $11,560 this morning. The digital currency’s trading range for the day was $10,950 to $11,760.

The DJIA stock posting the largest daily percentage loss ahead of the close Monday was
Caterpillar Inc. (NYSE: CAT) which traded down 2.47% at $162.94. The stock’s 52-week range is $90.34 to $173.24. Volume was nearly double the daily average of around 4.1 million. The industrial giant had no specific news.

Apple Inc. (NASDAQ: AAPL) traded down 1.97% at $168.13. The stock’s 52-week range is $120.62 to $180.10. Volume was around 42 million shares, about 50% above the daily average of around 28.6 million shares. A report from Japan that iPhone X production for the current quarter has been cut in half added to the company’s losses posted last week.

Chevron Corp. (NYSE: CVX) traded down 1.94% at $128.65. The stock’s 52-week range is $102.55 to $133.88. Volume was about 15% below the daily average of around 5.4 million shares. The company had no specific news Monday.

The Coca-Cola Co. (NYSE: KO) traded down 1.45% at $47.83. The stock’s 52-week range is $40.22 to $48.62. Volume was about 20% below the daily average of around 10.8 million shares. The company had no specific news, but the Keurig Green Mountain acquisition of Dr. Pepper Snapple changes the soft-drink landscape dramatically.

Of the Dow stocks, 7 are on track to close higher Monday and 23 are set to close lower.