June 27, 2016: Markets opened down again Monday after a full weekend of fretting about the Brexit vote. Again a stronger dollar has weighed heavily on the basic materials and energy sectors, but financial and tech stocks continue to get battered as well. This is likely the beginning of a long week, and tomorrow’s third reading on first-quarter U.S. GDP could set a more negative tone going forward. GDP is expected to have grown by 1% year over year in the quarter. WTI crude oil for August delivery settled at $46.33 a barrel, down 2.8% for the day. August gold rose 0.2% on the day to settle at $1,324.70. Equities were headed for a lower close shortly before the bell as the DJIA traded down 1.42% for the day, the S&P 500 traded down 1.73%, and the Nasdaq Composite traded down 2.31%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was American Express Co. (NYSE: AXP) which traded down 3.93% at $57.70. The stock’s 52-week range is $50.27 to $81.66. Volume was about 25% above the the daily average of around 4.8 million shares. The financial services firm had no specific news Monday, but it took its turn leading the sector down.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded down 3.32% at $63.81. The stock’s 52-week range is $47.11 to $75.72. Trading volume was about 30% below the daily average of around 3 million shares. The chemicals maker had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded down 3.29% at $57.64. The stock’s 52-week range is $50.07 to $70.61. Trading volume was more than double the daily average of around 15.1 million. Banks on both sides of the Atlantic have been hit hard by the Brexit vote and probably will continue to be treated badly for a while.
Microsoft Corp. (NASDAQ: MSFT) traded down 2.77% at $48.45. The stock’s 52-week range is $39.72 to $56.85. Volume was about 25% above the daily average of around 31 million shares. The company had no specific news Monday, but led the DJIA tech stocks down.
Of the 30 Dow stocks 28 are set to close lower Monday and just 2 are on track to close higher.
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