Chevron, Merck Sink DJIA on Tuesday
May 9, 2017 by Paul AusickMay 9, 2017: Markets opened higher Tuesday but only the Nasdaq composite traded in the green for the whole day. Consumer discretionary, industrial, and tech stocks traded higher while energy stocks and utilities lagged. The U.S. EIA’s Short-Term Energy Outlook forecast U.S. crude production at near 10 million barrels this year, which took the wind out of the price of crude. WTI crude oil for June delivery settled at $45.88 a barrel, down 1.2% on the day. June gold dropped 0.9% for the day to settle at $1,216.10. Equities were headed for a mixed close shortly before the bell as the DJIA traded down 0.24% for the day, the S&P 500 traded down 0.20%, and the Nasdaq Composite traded up 0.14%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Chevron Corp. (NYSE: CVX) which traded down 1.58% at $105.00. The stock’s 52-week range is $97.53 to $119.00. Volume was about 40% below the daily average of around 6.4 million shares. The company had no specific news, but low oil prices are a real anchor.
Merck & Co. Inc. (NYSE: MRK) traded down 1.31% at $63.17. The stock’s 52-week range is $53.59 to $66.80. Volume was about 30% below the daily average of around 9 million shares. The pharmaceuticals maker had no specific news Tuesday.
Cisco Systems Inc. (NASDAQ: CSCO) traded down 1.21% at $33.88. The stock’s 52-week range is $26.41 to $34.60. Volume was about 20% below the daily average of around 19 million shares. The company was downgraded at BMO Capital this morning.
E.I. du Pont de Nemours Inc. (NYSE: DD) traded down 1.17% at $79.32. The stock’s 52-week range is $61.12 to $82.37. Volume was about 50% below the daily average of around 3 million. The company had no specific news.
Of the Dow stocks, 12 are on track to close higher Tuesday and 18 are set to close lower.
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