October 9, 2017: Markets opened higher Monday but couldn’t hold onto the small early gains. There was no economic news and investors and traders are waiting to read the FOMC minutes due out Wednesday and third quarter earnings later this week from several of the country’s largest banks. The healthcare sector was today’s laggard while tech and energy stocks tried to offset the drop. WTI crude oil for November delivery settled at $49.58 a barrel, up about 0.6% on the day. December gold added 0.8% on the day to settle at $1,285.00. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.14% for the day, the S&P 500 traded down 0.25%, and the Nasdaq Composite traded down 0.21%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was General Electric Co. (NYSE: GE) which traded down 4.25% at $23.35. The stock’s 52-week range is $23.33 to $32.38. Volume was nearly 5 times the daily average of around 39 million shares. The company added a board member from Trian Fund Management this morning after parting company with three top executives on Friday.
Nike Inc. (NYSE: NKE) traded down 1.7% at $51.53. The stock’s 52-week range is $49.01 to $60.53. Volume was about 15% below the daily average of around 8.4 million shares. The company had no specific news Monday.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.38% at $242.62. The stock’s 52-week range is $165.51 to $255.15. Volume was about equal to the daily average of around 2.8 million. The bank had no specific news.
UnitedHealth Group Inc. (NYSE: UNH) traded down 1.08% at $195.92. The stock’s 52-week range is $133.03 to $200.76. Volume was about 10% below the daily average of around 2.6 million shares. The health insurance giant had now specific news Monday.
Of the Dow stocks, 16 are on track to close higher Monday and 14 are set to close lower.