Cisco, JPMorgan Lead the Dow Slightly Higher Monday
JPMorgan, Goldman Sachs, Cisco Systems, and Boeing were the leading Dow gainers Monday.
July 16, 2018: Markets opened slightly higher again Monday but the modest gains couldn’t be built upon. Only the Dow looks like it may escape a loss today, and even then, not by much. Geopolitics did not appear to figure in, so that leaves mostly earnings to give the markets direction. The financial services sector was the day’s best performer and the energy sector was the worst.
WTI crude oil for August delivery settled at $68.06 a barrel, down about 4.2% and the lowest settlement price in nearly a month. August gold settled down 0.1% at $1,239.70. Equities were heading for a mixed close about 10 minutes before the bell as the Dow traded up 0.10% for the day, the S&P 500 traded down 0.14%, and the Nasdaq Composite traded down 0.30%.
Bitcoin futures (XBTN8) for July delivery traded at $6,665, up about 7.7% on the CBOE after opening at $6,360 this morning. The trading range today was $6,325 to $6,705.
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The Dow stock posting the largest daily percentage gain ahead of the close Monday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 3.78% at $110.39. The 52-range on the stock is $88.08 to $119.33. Volume of around 18 million was about 15% above the daily average.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 1.82% at $42.54. The stock’s 52-week range is $30.36 to $46.37. Volume was about 15% below the daily average of around 22.7 million. The company’s bid to acquire assets from Fox got a nod today from institutional investor adviser Glass Lewis.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.54% at $229.89. The stock’s 52-week range is $214.64 to $275.31. Volume was also about 30% below the daily average of around 3 million shares.
The Boeing Co. (NYSE: BA) traded up 1.33% at $355.46 in a 52-week range of $207.53 to $374.48. Volume was more about 30% below the daily average of around 2 million shares. Boeing is taking orders at the massive Farnborough Airshow near London this week.
Of the Dow stocks, 11 were set to close higher Monday and 19were on track to close lower.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
