May 4, 2016: Markets opened lower again on Wednesday after a blizzard of lackluster economic data from all over the globe. Eurozone PMI services index readings were lower than expected and equity markets in Shanghai and Hong Kong closed lower. Japanese markets were closed for a holiday today. The energy, industrials, and basic materials sectors were the biggest losers Wednesday. WTI crude oil for June delivery settled at $43.78 a barrel, up about 0.3% for the day, even after today’s inventory report showed increases in both crude oil and gasoline stockpiles. June gold slipped 1.4% on the day to settle at $1,274.40. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.42% for the day, the S&P 500 traded down 0.47%, and the Nasdaq Composite traded down 0.62%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Caterpillar Inc. (NYSE: CAT) which traded down 2.61% at $74.37. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about equal to the daily average of around 6.1 million. The heavy equipment maker had no specific news Wednesday, but the stock price has been drifting lower for a while now after rising a third since January.
General Electric Co. (NYSE: GE) traded down 1.75% at $30.09. The stock’s 52-week range is $19.37 to $32.05. Volume was about equal to the daily average of around 34 million shares. The industrial giant had no specific news Wednesday.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.67% at $160.42. The stock’s 52-week range is $139.05 to $218.77. Volume was about 30% below the daily average of around 4.4 million shares. The financial firm had no specific news Wednesday.
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United Technologies Corp. (NYSE: UTX) traded down 1.35% at $100.75. The stock’s 52-week range is $83.39 to $119.66. Trading volume was about 15% below the daily average of around 6.5 million. The company had no specific news on Wednesday.
Of the Dow 30 stocks 20 are set to close lower Wednesday and 10 are on track to close higher.
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