December 3, 2015: Markets opened slightly higher on Thursday but any inference that equities were in for a good day were soon crushed as stocks turned south and have traded lower for virtually all the rest of the day. The European Central Bank cut its policy rate slightly and U.S. Fed chairwoman Janet Yellen appeared before a joint Congressional committee and raised expectations that a Fed rate hike is coming at this month’s FOMC meeting. WTI crude for January delivery traded up 2.9% today to settle at $41.08 per barrel. Gold for February delivery traded down up about 0.7% to settle at $1,061.20 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 1.42% for the day, the S&P 500 traded down 1.46%, and the Nasdaq Composite traded down 1.73%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was The Travelers Companies Inc. (NYSE: TRV) which traded down 2.95% at $111.32. The stock’s 52-week range is $95.21 to $116.48. Trading volume was about 35% above the daily average of around 2 million. Merrill Lynch downgraded the stock from Buy to Neutral this morning.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 2.51% at $185.49. The stock’s 52-week range is $167.49 to $218.77. Trading volume was about 20% below the daily average of about 3 million. The financial company was included in a group of 8 big banks that were downgraded today by S&P.
Merck & Co. Inc. (NYSE: MRK) traded down 2.23% at $52.62. The stock’s 52-week range is $45.69 to $63.62. Trading volume was about 30% below the daily average of about 12.2 million. The company had no specific news today.
Nike Inc. (NYSE: NKE) traded down 2.54% at $129.28. The stock’s 52-week range is $90.69 to $135.30. Volume was about 15% below the daily average of around 4.4 million shares traded. The company had no specific news today, but an analyst from Deutsche Bank did report that competitor Under Armour had a better Thanksgiving weekend than did Nike.
Of the Dow 30 stocks 27 are set to close lower today and just 3 are on track to close higher.
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