June 29, 2017: Markets opened mixed Thursday but the downward trend started early and persisted throughout the day. Traders ignored the GDP data, the bank stress test results, and another rise in crude oil, focussing instead on taking profits from tech stocks and pounding Rite Aid following the announcement that the merger with Walgreens was kaput. WTI crude oil for August delivery settled at $44.93 a barrel, up 0.4% on the day. August gold dropped 0.3% on the day to settle at $1,245.80. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.69% for the day, the S&P 500 traded down 0.76%, and the Nasdaq Composite traded down 1.36%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Cisco Systems Inc. (NASDAQ: CSCO) which traded down 2.00% at $31.44. The stock’s 52-week range is $28.07 to $34.60. Volume was about equal to the daily average of around 21 million shares. The company had no specific news.
Microsoft Corp. (NASDAQ: MSFT) traded down 1.75% at $68.58. The stock’s 52-week range is $50.39 to $72.89. Volume was about equal to the daily average of around 24.6 million shares. The company announced the acquisition of a small cloud-computing firm this morning.
Visa Inc. (NYSE: V) traded down 1.78% at $94.52. The stock’s 52-week range is $73.80 to $96.60. Volume was about 10% below the daily average of around 8 million. The company had no specific news Thursday.
Intel Corp. (NASDAQ: INTC) traded down 1.62% at $33.64. The stock’s 52-week range is $31.97 to $38.45. Volume was around 10% below the daily average of about 21.5 million shares. The company had no specific news Thursday.
Of the Dow stocks, just 3 are on track to close higher Thursday and 27 are set to close lower.