April 4, 2018: Markets opened lower Wednesday but equity indexes managed to pull themselves out of a pretty deep hole. Early lows followed on news of reciprocal tariffs imposed by China on a variety of U.S. goods including aircraft and some cars. Whether the eventual turnaround was due to less anxiety over the impact on American firms from Chinese tariff or investors buying the dip doesn’t really matter, right?
WTI crude oil for May delivery settled at $63.37 a barrel, down about 0.2% for the day after a bullish report on petroleum inventory. June gold added about 0.2% on the day to settle at $1,340.20. Equities were headed for a higher close about 10 minutes before the bell as the Dow traded up 0.95% for the day, the S&P 500 traded up 1.16%, and the Nasdaq Composite traded up 1.41%.
Bitcoin futures (XBTJ8) for April delivery traded at $6,790, down about 9.3% on the CBOE after opening at $7,440 this morning. The digital currency’s trading range for the day was $6,740 to $7,440.
The Dow stock posting the largest daily percentage gain ahead of the close Wednesday was International Business Machines Corp. (NYSE: IBM) which traded up 3.02% at $154.37 in a 52-week range of $139.13 to $176.33. Volume of about 3.6 million shares was about 30% below the daily average. The company had no specific news.
Microsoft Corp. (NASDAQ: MSFT) traded up 2.74% at $92.17. The stock’s 52-week range is $64.85 to $97.24. Volume was about 20% below the daily average of around 8.2 million. The company had no specific news.
Nike Inc. (NYSE: NKE) traded up 2.50% at $68.37. The stock’s 52-week range is $50.35 to $70.25. Volume was close to the daily average of around 8.2 million. The company had no specific news.
The Coca-Cola Co. (NYSE: KO) traded up 2.19% at $44.33. The stock’s 52-week range is $42.19 to $48.62. Volume was about 35% below the daily average of around 13.7 million shares. The company had no specific news Monday.
Of the Dow stocks, 26 are on track to close higher Wednesday and 4 are set to close lower.