January 25, 2016: Markets opened lower on Friday and did not reach positive territory at any time during the day. Losses were modest though, remaining under 1% by and large. The FOMC begins a two-day meeting tomorrow and the first report on fourth-quarter GDP is due on Friday. Real GDP is currently expected to rise 0.9% quarter over quarter, not a strong showing at all. WTI crude oil for March settled down about 5.2% today, at $30.34, giving up more than half the gain in posted in last week. February gold traded up 0.8% to settle at $1,105.30 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 1.24% for the day, the S&P 500 traded down 1.55%, and the Nasdaq Composite also traded down 1.55%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was Caterpillar Inc. (NYSE: CAT) which traded down 5.20% at $57.81. The stock’s 52-week range is $56.36 to $89.62. Volume rose to about 30% above the daily average of around 6.5 million shares. The heavy machinery maker took a downgrade to Sell from Goldman Sachs today.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 3.32% at $151.65. The stock’s 52-week range is $151.49 to $218.77. Volume was about 10% higher than the daily average of around 3.4 million shares traded. The investment bank was upgraded from Neutral to Buy at Nomura with a price target of $210 vs. a consensus target of around $196. Didn’t help the stock today.
Exxon Mobil Corp. (NYSE: XOM) traded down 3.00% at $74.28. The stock’s 52-week range is $66.55 to $93.45. Trading volume was about 20% below the daily average of around 16.7 million. Slumping oil prices dragged down producer stocks today.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded down 2.67% at $53.28. The stock’s 52-week range is $47.11 to $76.59. Trading volume was 40% below the daily average of around 6.4 million. The company had no specific news today.
Of the Dow 30 stocks 26 are set to close lower today and 4 are on track to close higher.
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