Chevron, Caterpillar Sink the Dow Wednesday

July 11, 2018 by Paul Ausick

July 11, 2018: Markets opened lower Wednesday with rising concerns over the effects of the trade war and Trump’s comments at the opening of the NATO summit meeting. Utilities was the only sector to post even a small increase while energy and basic materials were the day’s big losers.

WTI crude oil for August delivery settled at $70.38 a barrel, down about 5% on the day after a massive decline in the U.S. stockpile. August gold settled down 0.9% at $1,244.40. Equities were heading for a lower close about 10 minutes before the bell as the Dow traded down 0.75% for the day, the S&P 500 traded down 0.61%, and the Nasdaq Composite traded down 0.45%.

Bitcoin futures (XBTN8) for July delivery traded at $6,325, down 0.7% on the CBOE after opening at $6,395 this morning. The trading range today was $6,250 to $6,395.

The Dow stock posting the largest daily percentage loss ahead of the close Wednesday was Chevron Corp. (NYSE: CVX) which traded down 3.27% at $123.42. The 52-range on the stock is $102.55 to $133.88. Volume of around 6.7 million was about 30% above the daily average.

Caterpillar Inc. (NYSE: CAT) traded down 3.02% at 136.99. The stock’s 52-week range is $105.11 to $135.84. Volume was a bit lower than the daily average of around 4.5 million shares.

DowDuPont Inc. (NYSE: DWDP) traded down 2.08% at $66.40. The stock’s 52-week range is $61.27 to $77.08. Volume was about 25% below the daily average of around 8 million.

The Boeing Co. (NYSE: BA) traded down 1.70% at $341.25 in a 52-week range of $205.35 to $374.48. Volume was about 35% lower than the daily average of around 3.9 million shares.

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