Investing
Chevron, Goldman Lead DJIA Thursday Decline
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October 13, 2016: Markets opened lower Thursday following a weaker view on China’s trade balance joined with worries about the Fed and third-quarter earnings leave investors with the jitters. Citi, Wells Fargo, and JPMorgan all report quarterly results before the opening bell Friday. The financial sector was down about 1% late in the afternoon and gains in utilities and real estate were not enough to offset that and other sector decliners. WTI crude oil for November delivery settled at $50.44 a barrel, up 0.5% for the day following a sharp increase in inventories. December gold closed up 0.3% on the day to settle at $1,257.60. Equities were headed for a lower close before the bell as the DJIA traded down by 0.20% for the day, the S&P 500 traded down 0.26%, and the Nasdaq Composite traded down 0.43%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Chevron Corp. (NYSE: CVX) which traded down 1.26% at $100.86. The stock’s 52-week range is $75.33 to $107.58. Volume was about equal to the daily average of around 6.3 million shares. The company is looking to sell a gas field in Bangladesh for $2 billion.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.13% at $167.39. The stock’s 52-week range is $138.20 to $199.90. Trading volume was about 15% below the daily average of around 2.6 million. The investment bank launched its online consumer lending platform this morning.
Pfizer Inc. (NYSE: PFE) traded down 0.85% at $32.79. The stock’s 52-week range is $28.25 to $37.39. Volume was about equal to the daily average of around 18.9 million shares. The drug maker had no specific news Thursday.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded down 0.72% at $68.29. The stock’s 52-week range is $50.71 to $75.72. Volume was about 40% below the daily average of around 2.5 million shares. The company had no specific news either.
Of the 30 Dow index stocks 9 are on track to close higher Thursday and 21 are set to close lower.
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