June 3, 2016: Markets opened lower again Friday after a disappointing report on U.S. non-farm payrolls. Then the U.S. trade balance tacked on another deficit. The dollar tumbled and, later in the day after the rig count report came out, crude also fluttered lower. Friday’s worst performing sectors, though, were financials and consumer discretionaries. WTI crude oil for July delivery settled at $48.62 a barrel, down 1.1% for the day and off 1.4% for the week. August gold (now the most active contract) added 2.5% on the day to settle at $1,242.90. Gold posted a weekly gain of about 2.2%. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.15% for the day, the S&P 500 traded down 0.27%, and the Nasdaq Composite traded down 0.56%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 2.16% at $155.84. The stock’s 52-week range is $139.05 to $218.77. Trading volume was about 15% above the daily average of around 3.3 million. The investment bank had no specific news Friday.
Nike Inc. (NYSE: NKE) traded down 1.97% at $53.46. The stock’s 52-week range is $47.25 to $68.19. Volume was about 50% above the daily average of around 9.8 million shares. The sports gear maker had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.64% at $64.73. The stock’s 52-week range is $50.07 to $70.61. Trading volume was nearly 20% above the daily average of around 15 million shares. The big bank had no specific news today, but the weak jobs report has investors thinking that the Fed will not raise interest rates at its June meeting.
Microsoft Corp. (NASDAQ: MSFT) traded down 1.30% at $51.80. The stock’s 52-week range is $39.72 to $56.85. Volume was about 30% below the daily average of around 29 million shares.The company said yesterday that its Minecraft game has topped 100 million sales.
Of the Dow 30 stocks 15 are set to close lower Friday and 15 are on track to close higher.
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