General Electric, Intel Lead DJIA Plunge Thursday

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July 6, 2017: Markets opened slightly lower Thursday following the ADP job report showed fewer than expected jobs created last month. The U.S. crude oil inventory report showed larger declines than expected in crude oil, gasoline, and diesel fuel, raising prices briefly before pulling back as analysts noted large increases in output. WTI crude oil for August delivery settled at $45.52 a barrel, up 0.9% on the day, after trading up more than 3.5% before noon. August gold added 0.1% on the day to settle at $1,223.30. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.76% for the day, the S&P 500 traded down 1.00%, and the Nasdaq Composite traded down 1.09%.

The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was General Electric Co. (NYSE: GE) which traded down 4.46% at $26.13. The stock’s 52-week range is $26.10 to $33.00 and the low was posted this afternoon. Volume was more than a third higher than the daily average of around 37 million. The company had no specific news, but a downbeat note from analysts at J.P. Morgan caught investors’ attention and reminded them that Immelt’s departure may not be the cure-all for what ails GE.

Intel Corp. (NASDAQ: INTC) traded down 2.20% at $33.58. The stock’s 52-week range is $32.96 to $38.45. Volume was about 30% below the daily average of about 21.6 million shares. The company had no specific news Thursday.

Merck & Co. Inc. (NYSE: MRK) traded down 1.70% at $63.07. The stock’s 52-week range is $57.18 to $66.80. Volume was about 40% below the daily average of around 9 million shares. The drug giant had no specific news.

The Walt Disney Co. (NYSE: DIS) traded down 1.54% at $103.24. The stock’s 52-week range is $90.32 to $116.10. Volume was about just above the daily average of around 7.1 million shares. The company had no specific news Thursday.

Of the Dow stocks, only 2 are on track to close higher Thursday and 28 are set to close lower.