June 14, 2016: Markets opened lower for the fourth straight session Tuesday as the dollar rose sharply versus the euro and investors wait for Wednesday’s announcement from the FOMC on whether or not the Fed will raise interest rates. Most analysts are not expecting a rate hike after the poor report on job growth in May. Energy and basic materials were Tuesday’s worst performing sectors . WTI crude oil for July delivery settled at $48.49 a barrel, down 0.8% for the day. Â August gold added 0.1% on the day to settle at $1,288.10. Equities were headed for a fourth consecutive lower close shortly before the bell as the DJIA traded down 0.40% for the day, the S&P 500 traded down 0.27%, and the Nasdaq Composite traded down 0.19%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was American Express Co. (NYSE: AXP) which traded down 4.40% at $60.87. The stock’s 52-week range is $50.27 to $81.92. Volume was more than double the daily average of around 4.6 million shares. The credit card company had no specific news on Tuesday, but an announcement from Synchrony Financial related to loan loss reserves had an impact on all credit card issuers.
The Home Depot Inc. (NYSE: HD) traded down 2.10% at $125.14. The stock’s 52-week range is $92.17 to $137.82. Volume was about a third higher than the daily average of around 4.5 million shares.Tuesday’s report from the Census Bureau on retail sales showed sales in home improvement goods fell in the month of May.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.92% at $62.06. The stock’s 52-week range is $40.07 to $70.61. Trading volume was around 15% above the daily average of around 14.8 million shares. Financial stocks did poorly Tuesday as U.S. Treasuries dipped to multi-year lows.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded down 1.72% at $65.60. The stock’s 52-week range is $47.11to $75.72. Trading volume was about 30% below the daily average of around 3.1 million. The company had no specific news Tuesday.
Of the Dow 30 stocks 17 are set to close lower Tuesday and 13 are on track to close higher.
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