July 5, 2016: Markets opened lower Tuesday, following international markets that traded lower while U.S. markets were closed for the July 4th holiday. U.S. markets will be searching for clues to how the economy stacks up in Wednesday’s release of the FOMC minutes. Energy and basic materials stocks were the day’s biggest losers while telecom, utilities, and consumer staples are on track for modest daily gains. WTI crude oil for August delivery settled at $46.50 a barrel, down 4.9% for the day. August gold added 1.5% on the day to settle at $1,358.70. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.57% for the day, the S&P 500 traded down 0.66%, and the Nasdaq Composite traded down 0.77%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was JPMorgan Chase & Co. (NYSE: JPM) which traded down 2.75% at $59.58. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 15% above the daily average of around 16 million. The big bank had no specific news, but investor concerns over British banks are likely spilling over on their U.S. brethren.
Caterpillar Inc. (NYSE: CAT) traded down 2.71% at $74.38. The stock’s 52-week range is $56.36 to $84.89. Trading volume was about 25% below the daily average of around 5.3 million shares. The heavy equipment maker had no specific news Tuesday, but the stock was hit by the sell-off in energy and materials.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 2.37% at $144.74 The stock’s 52-week range is $138.20 to $214.61. Volume was about equal to the daily average of around 3.3million shares. The company had no specific news Tuesday, but Brexit jitters remain on most bank stocks.
The Boeing Co. (NYSE: BA) traded down 1.85% at $127.29. The stock’s 52-week range is $102.10 to $150.59. Volume was about 20% below the daily average of around 4.4 million shares. The aerospace giant had no specific news Tuesday.
Of the 30 Dow stocks 18 are set to close lower Tuesday and 12 are on track to close higher.
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