May 11, 2017: Markets opened lower Thursday but made slow, steady progress to near the break-even line by late afternoon. Macy’s, among other retailers, reported quarterly results that were at least as poor as expected, and in some cases worse. No sector traded higher this afternoon and the big losers were consumer discretionary and real estate stocks. WTI crude oil for June delivery settled at $47.83 a barrel, up 1.1% on the day and the highest closing price in 10 days. June gold added 0.4% for the day to settle at $1,224.20. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.11% for the day, the S&P 500 traded down 0.20%, and the Nasdaq Composite traded down 0.20%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Microsoft Corp. (NASDAQ: MSFT) which traded down 1.39% at $68.35. The stock’s 52-week range is $48.04 to $69.71. Volume was nearly equal to the daily average of around 21.8 million shares. The company today announced its latest update to Windows 10.
The Home Depot Inc. (NYSE: HD) traded down 1.27% at $156.12. The stock’s 52-week range is $119.20 to $158.15. Volume was 25% below the daily average of around 4 million shares. The stock was downgraded by Atlantic Equities on valuation.
American Express Co. (NYSE: AXP) traded down 0.99% at $77.87. The stock’s 52-week range is $57.15 to $82.00. Volume was about 30% below the daily average of around 3.9 million. The company had no specific news Thursday.
Intel Corp. (NASDAQ: INTC) traded down 0.92% at $35.68. The stock’s 52-week range is $29.50 to $38.45. Volume was about 30% below the daily average of around 23 million shares. The company had no specific news Thursday, but last night’s strong report from Nvidia probably didn’t help the shares today.
Of the Dow stocks, 12 are on track to close higher Thursday and 18 are set to close lower.