April 25, 2016: Markets opened lower Monday and never made it above the breakeven line during the entire day. It could be that Wednesday’s FOMC meeting announcement has investors and traders sitting on their hands. No one expects a rate hike at this meeting, so instead of worrying about that everyone’s worried when the next hike will show up. Energy stocks led the downhill slide Monday, with basic materials and industrials along for good measure. WTI crude oil for June delivery settled at $2.64 a barrel, down 2.5% for the day. June gold added 0.8% on the day to settle at $1,240.20. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.28% for the day, the S&P 500 traded down 0.31%, and the Nasdaq Composite traded down 0.33%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was Caterpillar Inc. (NYSE: CAT) which traded down 2.12% at $76.66. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about 10% above the daily average of around 6.5 million. The company had no specific news Monday, but investors are wary of forecast improvements in Cat’s business based on China’s economy.
Visa Inc. (NYSE: V) traded down 1.20% at $78.16. The stock’s 52-week range is $60.00 to $81.73. Volume was about 25% below the daily average of around 10 million shares traded. The credit card issuer had no specific news Monday.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.13% at $164.86. The stock’s 52-week range is $139.05 to $218.77. Trading volume was about half the daily average of around 4.7 million. The investment bank has jumped into the consumer retail banking dogfight..
Intel Corp. (NASDAQ: INTC) traded down 0.85% at $31.37. The stock’s 52-week range is $24.87 to $35.59. Volume was about 35% below the daily average of around 24.3 million shares. The chip giant’s earnings report last week and its layoffs of 12,000 workers still has some traders and investors wary of what’s next with the company.
Of the Dow 30 stocks 21 are set to close lower on Monday and 9 are on track to close higher.
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