Goldman Sachs, Procter & Gamble Hobble the Dow Monday

Investing

Published: April 23, 2018 4:01 pm

Last Updated: January 12, 2020 12:37 am

April 23, 2018: Markets opened higher Monday but after hanging around the break-even line for all morning and into the afternoon, equities finally slid lower and appear to be headed for a lower close. Sales of existing homes rose a bit and gasoline prices are rising quickly. 10-year Treaury yields are approaching 3% and that is attracting more investments in bonds.

WTI crude oil for June delivery settled at $68.64 a barrel, up 0.4% for the day. June gold dropped about 1.1% on the day to settle at $1,324.00. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 0.9% for the day, the S&P 500 traded down 0.03%, and the Nasdaq Composite traded down 0.26%.

All three indexes bounced higher in the last half hour of trading and any or all could close with a small gain by the closing bell.

Bitcoin futures (XBTJ8) for April delivery traded at $8,890, up about 4.2% on the CBOE after opening at $8,830 this morning. The digital currency’s trading range for the day was $8,770 to $9,030.

The Dow stock posting the largest daily percentage loss ahead of the close Monday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 2.09% at $246.69. The stock’s 52-week range is $209.62 to $275.31. Volume was about more than 15% lower than the daily average of around 3.5 million. There investment bank had no specific news.

Intel Corp. (NASDAQ: INTC) traded down 0.96% at $51.03 in a 52-week range of $33.23 to $54.36. Volume of about 14.8 million shares was less than half the daily average. The company had no specific news.

The Procter & Gamble Co. (NYSE: PG) traded down 0.90% at $73.14. The stock’s 52-week range is $72.76 to $94.67 and the low was posted today. Volume was about equal to the daily average of around 10.7 million. The company had no specific news Monday.

3M Company (NYSE: MMM) traded down 0.64% at $216.35. The stock’s 52-week range is $192.36 to $259.77. Volume was about half the daily average of around 2.7 million shares. The company reports quarterly results before the opening bell Tuesdary.

Of the Dow stocks, 16 are on track to close higher Monday and 14 are set to close lower.

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