March 8, 2016: Markets opened lower again on Tuesday, but unlike Monday equities never broke through to the positive side of the line. The best performing sector has been utilities followed by consumer staples, but energy, basic materials, and financials weighed too heavily to be overcome. Some weak economic news from China and falling crude oil prices set the tone early for the Tuesday downturn. WTI crude oil for April delivery settled at $36.50 a barrel, down 3.7% on the day. April gold slipped 0.1% to settle at $1,262.90 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.58% for the day, the S&P 500 traded down 0.98%, and the Nasdaq Composite traded down 1.00%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Caterpillar Inc. (NYSE: CAT) which traded down 3.70% at $72.00. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about equal to the daily average of around 7.3 million. The heavy equipment maker had no specific news Tuesday, but after a nine-day run of gains, it’s no big shocker if some investors pocket their gains.
Exxon Mobil Corp. (NYSE: XOM) traded down 2.21% at $82.59. The stock’s 52-week range is $66.55 to $90.09. Trading volume was about half the daily average of around 18.7 million. The company had no specific news Tuesday.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 2.10% at $152.08. The stock’s 52-week range is $139.05 to $218.77. Volume was about 25% below the daily average of around 4.9million shares traded. The investment bank had no specific news Tuesday.
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Chevron Corp. (NYSE: CVX) traded down 2.10% at $88.77. The stock’s 52-week range is $69.58 to $112.20. Volume reached about 30% below the daily average of around 12.6 million shares. The company told an investor day crowd that it will protect its dividend in every possible way, but tanking crude prices carried the day.
Of the Dow 30 stocks 17 are set to close lower today and 13 are on track to close higher.
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