June 13, 2016: Markets opened lower for the third straight session Monday as the dollar weakened against the yen and the euro, and investors took some risk off while waiting for the FOMC meeting announcement Wednesday afternoon. Equities got no help from oil which also traded lower. The only sector looking at a gain today is utilities. WTI crude oil for July delivery settled at $48.88 a barrel, down 0.4% for the day. August gold added 0.9% on the day to settle at $1,286.90. Equities were headed for a third consecutive lower close shortly before the bell as the DJIA traded down 0.66% for the day, the S&P 500 traded down 0.75%, and the Nasdaq Composite traded down 0.90%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was Microsoft Corp. (NASDAQ: MSFT) which traded down 2.53% at $50.18. The stock’s 52-week range is $39.72 to $56.85. Volume was nearly 3 times the daily average of around 28 million shares.The technology giant announced Monday morning that it is acquiring LinkedIn Corp. (NYSE: LNKD) for $26 billion.
Visa Inc. (NYSE: V) traded down 2.08% at $78.51. The stock’s 52-week range is $60.00 to $81.73. Trading volume was around 10% above the daily average of around 7.6 million shares. Wal-Mart Stores Inc. (NYSE: WMT) has said it will stop accepting Visa credit cards in its Canadian stores.
American Express Co. (NYSE: AXP) traded down 1.97% at $63.69. The stock’s 52-week range is $50.27 to $81.92. Volume was about equal to the daily average of around 4.6 million shares. The credit card company had no specific news on Monday.
Apple Inc. (NASDAQ: AAPL) traded down 1.42% at $97.45. The stock’s 52-week range is $89.47 to $132.97. Trading volume was about 15% below the daily average of around 38.2 million. The company opened its developer’s conference Monday and the stock price barely noticed.
Of the Dow 30 stocks 23 are set to close lower Monday and 7 are on track to close higher.