Goldman Sachs, JPMorgan Sink DJIA Monday

September 26, 2016 by Paul Ausick

September 26, 2016: Markets opened lower again Monday and only the recently added real-estate sector traded higher on the day. Crude oil prices were up on hopes for an agreement this week on freezing crude production, but the overall downturn may have more to do with tonight’s debate between U.S. presidential candidates Donald Trump and Hillary Clinton. Elections are uncertain events and this one maybe more than most, so investors may be waiting to see what happens tonight before committing to equities. WTI crude oil for November delivery settled at $45.93 a barrel, up 3.3% for the day. December gold closed up 0.2% on the day to settle at $1,344.10. Equities were headed for a lower close shortly before the bell as the DJIA traded down by 0.85% for the day, the S&P 500 traded down 0.81%, and the Nasdaq Composite traded down 0.83%.

The DJIA stock posting the largest daily percentage loss ahead of the close Monday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 2.29% at $161.35. The stock’s 52-week range is $138.20 to $199.90. Volume was about 25% below the daily average of around 2.8 million shares. Investors continue to be scared off by proposed rules related to banks that trade physical commodities.

JPMorgan Chase & Co. (NYSE: JPM) traded down 2.23% at $65.75. The stock’s 52-week range is $52.50 to $69.03. Volume was about 15% below the daily average of around 14 million shares. Financials was the worst performing equity sector in Monday’s trading session.

Pfizer Inc. (NYSE: PFE) traded down 1.77% at $33.65. The stock’s 52-week range is $28.25 to $37.39. Volume was less than 20% above the daily average of around 19.3 million shares. The pharmaceutical giant said this morning that it has scrapped plans to split the company into two pieces.

The Home Depot Inc. (NYSE: HD) traded down 1.65% at $125.68. The stock’s 52-week range is $109.62 to $139.00. Trading volume was less than 10% the daily average of around 4.3 million. The company had no specific news Monday.

Of the 30 Dow index stocks only 2 are on track to close higher Monday and 28 are set to close lower.

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