Boeing, Caterpillar Lift the Dow Wednesday
June 6, 2018: Markets opened higher again Wednesday following reports of some easing on the trade front. The U.S. trade deficit fell to a seven-month low on record exports. The Dow more than compensated for Tuesday’s flat finish with every sector except utilities and consumer staples posting a gain.
WTI crude oil for June delivery closed at $64.73 a barrel, down about 1.2% for the day following an unexpectedly large build in petroleum inventories. August gold dropped less than 0.1% on the day to settle at $1,301.40. Equities were headed for a higher close about 10 minutes before the bell as the Dow traded up 1.22% for the day, the S&P 500 traded up 0.68%, and the Nasdaq Composite traded up 0.50%.
Bitcoin futures (XBTM8) for June delivery traded at $7,530, down about 1.3% on the CBOE after opening at $7,600 this morning. The trading range today was $7,485 to $7,690.
The Dow stock posting the largest daily percentage gain ahead of the close Tuesday was The Boeing Co. (NYSE: BA) which traded up 2.83% at $370.30. The stock’s 52-week range is $186.39 to $371.60. Volume was about 25% below the daily average of around 4.8 million shares. The company had no specific news Tuesday.
DowDuPont Inc. (NYSE: DWDP) traded up 2.53% at $69.61 in a 52-week range of $61.27 to $77.08. Volume was about 25% below the daily average of around 8.9 million shares. The company had no specific news..
JPMorgan Chase & Co. (NYSE: JPM) traded up 2.27% at $110.11. The stock’s 52-week range is $83.10 to $119.33. Volume was about 20% below the daily average of around 14.3 million. The company had no specific news Wednesday.
Caterpillar Inc. (NYSE: CAT) traded up 2.03% at $156.12. The stock’s 52-week range is $102.30 to $173.24. Volume was about 40% below the daily average of around 4.9 million. The company had no specific news, but Amazon is reportedly boosting its investment in India by $2 billion. Like Boeing, reduced trade tensions helped boost Cat stock Wednesday.
Of the Dow stocks, 26 are on track to close higher Wednesday and 4 are set to close lower.