May 17, 2016: Markets opened lower Tuesday following a higher-than-expected consumer price index (CPI) reading. Housing starts came in a bit below expectations. European markets traded lower, offsetting earlier gains in Asia. The only sector trading higher in U.S. markets Monday was energy. Investors worried that the Fed may raise interest rates sooner rather than later; possibly even next month. WTI crude oil for June delivery settled at $48.31 a barrel, up about 1.2% for the day, the highest settlement price since early October 2015. June gold added 0.2% on the day to settle at $1,276.90. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 1.13% for the day, the S&P 500 traded down 1.03%, and the Nasdaq Composite traded down 1.25%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Microsoft Corp. (NASDAQ: MSFT) which traded down 2.76% at $50.40. The stock’s 52-week range is $39.72 to $56.85. Volume was 30% below the daily average of around 3.4 million shares. The software giant had no specific news Tuesday.
The Home Depot Inc. (NYSE: HD) traded down 2.65% at $131.75. The stock’s 52-week range is $92.17 to $137.82. Volume was about 3 times the daily average of around 4.5 million shares. The home improvement company reported good earnings and raised guidance this morning, but the higher CPI number did not help consumer goods’ stocks Tuesday.
24/7 Wall St.American Express Co. (NYSE: AXP) traded down 1.97% at $62.81. The stock’s 52-week range is $50.27 to $81.92. Trading volume was about 30% higher than the daily average of around 5.4 million. The financial services firm had no specific news.
The Coca-Cola Co. (NYSE: KO) traded down 1.80% at $44.80. The stock’s 52-week range is $36.56 to $47.13. Trading volume was about 15% below the daily average of around 14 million. The soft-drink maker had no specific news Tuesday.
Of the Dow 30 stocks 27 are set to close lower Tuesday and 3 are on track to close higher.
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