April 15, 2016: Markets opened essentially flat Friday after higher-than-expected economic data from China. The U.S. industrial production data came in below expectations. Energy, tech, and financials led the losers today. WTI crude oil for May delivery settled at $40.36 a barrel, down nearly 3% for the day, although crude posted a 1.6% gain for the week. June gold added 0.7% to settle at $1,234.60 for the day, but down about 0.8% for the week. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.21% for the day, the S&P 500 traded down 0.15%, and the Nasdaq Composite traded down 0.16%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was Apple Inc. (NASDAQ: AAPL) which traded down 1.92% at $109.95. The stock’s 52-week range is $92.00 to $134.54. Volume was about 10% below the daily average of around 41 million shares. The tech giant was reported to be ordering fewer iPhone parts from suppliers.
Cisco Systems Inc. (NYSE: CSCO) traded down 1.35% at $27.87. The stock’s 52-week range is $22.46 to $29.90. Trading volume was about 30% less than the daily average of around 30 million. The networking company had no specific news Friday.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.33% at $61.76. The stock’s 52-week range is $50.07 to $70.61. Volume was about 25% below the daily average of around 20 million shares traded. The big bank had no specific news today, but Citi didn’t help the sector when it reported weak profits this morning.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.21% at $158.96. The stock’s 52-week range is $139.05 to $218.77. Trading volume was about 40% below the daily average of around 5 million. The company had no specific news, but the financial sector took a hit in Friday trading.
Of the Dow 30 stocks 17 are set to close lower on Friday and 13 are on track to close higher.
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