June 24, 2016: Markets opened Friday following the surprise U.K. decision to leave the European Union. The Brexit vote dominated the day’s currency, energy, commodities, and equity markets as traders and investors try to figure out their positioning for the coming months. Gold and gold miners fared well as risk gave way to perceived safety. The financial and basic materials sectors led the day’s losers, while only utilities posted a positive return. WTI crude oil for August delivery settled at $47.64 a barrel, down nearly 5% for the day to finish the week down 0.7% following a runup on expectations that Brexit would not win. August gold soared 4.7% on the day to settle at $1,322.40, the yellow metal’s highest close since September 2013. Gold gained 2.1% on the week. Equities were headed for a lower close shortly before the bell as the DJIA traded down 3.05% for the day, the S&P 500 traded down 3.25%, and the Nasdaq Composite traded down 3.83%.
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 6.84% at $122.22. The stock’s 52-week range is $139.05 to $214.61. Volume was more than double the daily average of around 3.1 million shares. Even passing the Fed’s stress test and showing some hope for a dividend increase couldn’t stop the bleeding from the impact of the Brexit vote on financial stocks.
JPMorgan Chase & Co. (NYSE: JPM) traded down 6.67% at $59.68. The stock’s 52-week range is $50.07 to $70.61. Trading volume was also more than double the daily average of around 14.7 million. The big bank had no specific news Friday, but then none was necessary for investors to run away from financial stocks.
Caterpillar Inc. (NYSE: CAT) traded down 6.23% at $73.35. The stock’s 52-week range is $56.36 to $88.33. Trading volume was about 60% above the daily average of around 5.1 million shares. With commodity prices tanking on the stronger dollar, investors are not seeing much demand for the heavy equipment Caterpillar makes.
International Business Machines Corp. (NYSE: IBM) traded down 5.28% at $147.14. The stock’s 52-week range is $116.90 to $173.78. Volume was about 60% above the daily average of around 3.8 million shares. The company had no specific news Friday.
All 30 Dow stocks are set to close lower Friday.
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