October 11, 2016: Markets opened lower Tuesday on another light newsday with no significant economic data scheduled for release. The FOMC meeting minutes are set to be released Wednesday, along with the JOLTS report. Every sector traded in the red late this afternoon with healthcare leading the drop and basic materials also down more than 1.5%. WTI crude oil for November delivery settled at $50.79 a barrel, down 1.1% for the day. December gold closed down 0.4% on the day to settle at $1,255.90. Equities were headed for a lower close shortly before the bell as the DJIA traded down by 1.09% for the day, the S&P 500 traded down 1.22%, and the Nasdaq Composite traded down 1.54%.
The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was Merck & Co. Inc. (NYSE: MRK) traded down 3.11% at $61.91. The stock’s 52-week range is $47.97 to $64.86. Volume was less than 10% above the daily average of around 9.8 million shares. The company had no specific news Tuesday.
UnitedHealth Group Inc. (NYSE: UNH) which traded down 2.35% at $134.83. The stock’s 52-week range is $107.51 to $144.48. Trading volume was about 15% below the daily average of around 3 million. The health insurance giant had no specific news.
Intel Corp. (NASDAQ: INTC) traded down 2.26% at $37.16. The stock’s 52-week range is $27.68 to $38.36. Volume was less than 10% below the daily average of around 21.8 million shares. The world’s largest chipmaker had no specific news Tuesday.
American Express Co. (NYSE: AXP) traded down 1.76% at $60.81. The stock’s 52-week range is $50.27 to $77.61. Volume was about 40% below the daily average of around 4 million shares. The financial services firm had no specific news either.
Of the 30 Dow index stocks just 2 are on track to close higher Tuesday and 28 are set to close lower.