Monday is the first day of trading for the new lineup on the Dow Jones Industrial Average (DJIA) index. The new team is off to a bit of a sluggish start.
Goldman Sachs Group Inc. (NYSE: GS) replaced Bank of America Corp. (NYSE: BAC), and both stocks are down this morning. Goldman is off about 2.8%, while Bank of America is off about 2.2%.
Visa Inc. (NYSE: V), which replaced Hewlett-Packard Co. (NYSE: HPQ), is down about 1.2%, and the latter is off about 0.9%.
New member Nike Inc. (NYSE: NKE) is down 1.6%, while former player Alcoa Inc. (NYSE: AA) is up about 0.6%.
The DJIA is down about 0.4% this morning, so we can conclude that the new team is not helping the index but dragging it down. Of course the S&P 500 also is off by about 0.6% as we approach noon, and the Nasdaq Composite is down by the same amount. Traders are still trying to figure out when the Fed will reel in it easy money program, and the betting today seems to be that it will be sooner rather than later. Markets appear to be continuing the sell-off that hit last Friday, after a burst of enthusiasm on Thursday when it appeared that QE3 might last until next year.