June 10, 2016: Markets opened lower again Friday as a stronger dollar weighed on energy prices and lower bond yields were more the focus of traders’ attention. Only the telecom sector traded in the green Friday, and the losers were energy, down about 2%, and financials, down about 1.5%. WTI crude oil for July delivery settled at $49.07 a barrel, down 3% for the day, but up 0.9% for the week. August gold added 0.3% on the day to settle at $1,275.90 and a gain of 2.7% for the week. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.64% for the day, the S&P 500 traded down 0.92%, and the Nasdaq Composite traded down 1.32%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 1.98% at $150.14. The stock’s 52-week range is $139.05 to $218.77. Volume was about equal to the daily average of around 3.2 million shares.The New York state banking regulator wants to examine a deal Goldman did with a Malaysian investment fund known as 1MDB.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.60% at $63.72. The stock’s 52-week range is $50.07 to $70.61. Trading volume was around 15% below the daily average of around 15 million shares. The big bank had no specific news, but falling bond yields weigh on mortgage rates and other loans, the mainstay of the banking business now that trading has been sharply curtailed.
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The Boeing Co. (NYSE: BA) traded down 1.50% at $131.11. The stock’s 52-week range is $102.10 to $150.59. Volume was about 25% below the daily average of around 4.5 million shares. The aircraft maker lost a military order from Denmark, and yet another competitor is gearing up to take a run at the market for single aisle planes like Boeing’s 737.
Caterpillar Inc. (NYSE: CAT) traded down 1.48% at $76.02. The stock’s 52-week range is $56.36 to $88.81. Trading volume was about 25% below the daily average of around 5.6 million. The company had no specific news Friday, but the downturn in materials and energy weighed on the heavy equipment maker’s stock.
Of the Dow 30 stocks 24 are set to close lower Friday and 6 are on track to close higher.
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