Caterpillar, IBM Tank the Dow Thursday

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October 18, 2018: Markets opened lower Thursday and if markets close at current levels, most of Tuesday’s 550-point gain will have been given back in two trading sessions. Chinese equity markets had rotten day Thursday as well and Wednesday’s FOMC minutes release indicated that rates are going to rise again in December. Every sector traded in the red with tech down the most followed by consumer discretionary stocks and industrials.

WTI crude oil for November delivery settled at $68.65 a barrel, down 1.6% for the day.  December gold added about 0.2% to settle at $1,230.10. Equities were heading for a lower close about 10 minutes before the bell as the Dow traded down 1.35% for the day, the S&P 500 traded down 1.45%, and the Nasdaq Composite traded down 2.03%.

Bitcoin futures (XBTV8) for November delivery traded at $6,370, down about 0.9% on the Cboe after opening at $6,445 this morning. The trading range today was $6,330 to $6,480.

The Dow stock posting the largest daily percentage loss ahead of the close Thursday was Caterpillar Inc. (NYSE: CAT) which traded down 3.84% at $135.92. The stock’s 52-week range is $129.40 to $173.24. Volume was about 90% above the daily average of around 4.6 million.

International Business Machines Corp. (NYSE: IBM) traded down 2.92% at $130.14 in a 52-week range of $130.04 to $171.13. Volume was about 75% above the daily average of around 4.8 million shares.

The Home Depot Inc. (NYSE: HD) traded down 2.41% at $180.70. The stock’s 52-week range is $160.53 to $215.43. Volume was about 40% above the daily average of around 4.2 million shares.

Apple Inc. (NASDAQ: AAPL) traded down 2.25% at $216.21. The 52-week range on the stock is $150.24 to $233.47. Volume was about 10% below the daily average of around 31 million.

Of the Dow stocks, 5 were set to close higher Thursday and 25 were on track to close lower.

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