June 9, 2016: Markets opened lower Thursday as a confluence of factors gave traders and investors the jitters. Korea’s central bank cut its policy rate, oil gave back some of its recent gains, and falling commodity prices took the air out of both the financial and materials sectors. The telecom and utilities sectors traded higher, but couldn’t do the required heavy lifting. WTI crude oil for July delivery settled at $50.56 a barrel, down 1.3% for the day. August gold added 0.8% on the day to settle at $1,272.70. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.04% for the day, the S&P 500 traded down 0.10%, and the Nasdaq Composite traded down 0.25%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Caterpillar Inc. (NYSE: CAT) which traded down 1.07% at $77.25. The stock’s 52-week range is $56.36 to $88.81. Trading volume was about 65% below the daily average of around 5.6 million. The company had no specific news Thursday, but a slowdown in materials and energy is not a good sign for the stock.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 0.85% at $153.33. The stock’s 52-week range is $139.05 to $218.77. Volume was about 30% below the daily average of around 3.3 million shares.The investment bank cut its Russia-based staff by about 10% following a downturn in the country’s banking business due to international sanctions.
American Express Co. (NYSE: AXP) traded down 0.81% at $65.72. The stock’s 52-week range is $50.27 to $81.92. Volume was about 25% below the daily average of around 4.7 million shares. The credit card issuer had no specific news Thursday.
JPMorgan Chase & Co. (NYSE: JPM) traded down 0.64% at $64.83. The stock’s 52-week range is $50.07 to $70.61. Trading volume was around 40% below the daily average of around 15 million shares. The big bank had no specific news.
Of the Dow 30 stocks 17 are set to close lower Thursday and 14 are on track to close higher.
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