July 21, 2014: Markets opened lower on Monday, stopping in its tracks the positive reversal we saw last Friday. There was no economic news today and the geopolitical news is dominated by the downing of Malaysia Airlines flight 17 over Ukraine last week. Shortly before closing today the DJIA traded down 0.26%, the S&P 500 traded down 0.19%, and the Nasdaq Composite traded down 0.12%.
Based on impact on the rest of the market, the biggest loser among the Dow 30 today was McDonald’s Corp. (NYSE: MCD) which traded lower by 1.37% at $97.63. The stock’s 52-week range is $92.22 to $103.78. Volume was about 20% above the daily average of around 4.3 million shares traded. The fast food giant was hit by another meat supply scandal in China that also affected competitor Yum! Brands Inc. (NYSE: YUM).
General Electric Co. (NYSE: GE) traded down 1.77% at $25.99. The stock’s 52-week range is $22.92 to $28.09. Share volume was about double the daily average of around 26.6 million shares traded. The company’s rating was maintained as Buy at BofA Merrill Lynch today, but the profit cut announced last week hit the shares today.
Pfizer Inc. (NYSE: PFE) traded down 1.14% at $30.38 today in a 52-week range of $27.76 to $32.96. Volume was about 30% below the daily average of around 27.6 million shares traded. Pfizer is set to report results next week, and sales have not been particularly strong for the drug giant..
International Business Machines Corp. (NYSE: IBM) traded down 0.92% at $190.72 in a 52-week range of $172.19 to $199.21. Volume was about equal to the daily average of around 3.9 million shares. There was no news on the company today.
Of the Dow 30 stocks 22 are set to close lower today and 8 look to close higher.