September 13, 2016: Markets opened lower Tuesday as a stronger dollar curbed enthusiasm for oil and left Monday’s rebound in the rear-view mirror. The energy sector led the losers with techs posted the smallest drop, largely because Apple posted a solid gain on reports from T-Mobile and Sprint on iPhone 7 sales. WTI crude oil for October delivery settled at $44.90 a barrel, down 3% for the day after the latest report from the IEA suggested that the inventory overhang may last longer than it had originally believed. December gold closed down 0.7% on the day to settle at $1,325.60. Equities were headed for a lower close shortly before the bell as the DJIA traded down by 1.43% for the day, the S&P 500 traded down 1.53%, and the Nasdaq Composite traded down 1.15%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Chevron Corp. (NYSE: CVX) which traded down 2.77% at $99.42. The stock’s 52-week range is $75.10 to $107.58. Trading volume was about 15% above the daily average of around 6.4 million. Falling oil prices did Chevron no favors Tuesday.
American Express Co. (NYSE: AXP) traded down 2.52% at $64.24. The stock’s 52-week range is $50.27 to $78.40. Volume was about 25% below the daily average of around 4.5 million shares. The company had no specific news, but the dimming of hopes for an interest increase is sour news for the financial industry.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 2.49% at $166.80. The stock’s 52-week range is $138.20 to $199.90. Volume was about equal to the daily average of around 9 million shares. Former European Commission head Jose Manuel Barroso, who has taken a job with
Goldman, is being investigated by the new European Commission chief. That may be a more interesting story, but interest rate concerns are probably at the bottom of this daily drop too.
General Electric Co. (NYSE: GE) traded down 2.34% at $29.78. The stock’s 52-week range is $24.26 to $33.00. Volume was less than 10% above the daily average of around 34.7 million shares. The company had no specific news Tuesday.
Of the 30 Dow index stocks just 1 (Apple) is on track to close higher Tuesday and 29 are set to close lower.