May 8, 2017: Markets opened slightly higher Monday, a bit underwhelming given the results of the elections in France. Maybe Macron’s election was fully baked-in already? None of the three major indexes strayed far from the break-even line in Monday’s trading. Only the energy and tech sectors traded notable higher with materials and telecom lagging the most. WTI crude oil for June delivery settled at $46.43 a barrel, up 0.5% on the day. June gold added 10 cents for the day to settle at $1,227.10. Equities were headed for a narrowly lower close shortly before the bell as the DJIA traded down 0.9% for the day, the S&P 500 traded down 0.13%, and the Nasdaq Composite traded down 0.15%.
The DJIA stock posting the largest daily percentage loss ahead of the close Monday was E.I. du Pont de Nemours Inc. (NYSE: DD) which traded down 1.33% at $80.06. The stock’s 52-week range is $61.12 to $82.37. Volume was about 33% below the daily average of around 3 million. The company’s proposed merger with Dow Chemical received approval in China today.
Intel Corp. (NASDAQ: INTC) traded down 0.83% at $36.51. The stock’s 52-week range is $29.50 to $38.45. Volume was less than half the daily average of around 24 million shares. The company had no specific news Monday.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 0.73% at $225.21. The stock’s 52-week range is $138.20 to $255.15. Volume was about half the daily average of around 3.8 million shares. The investment bank had no specific news Monday.
General Electric Co. (NYSE: GE) traded down 0.58% at $29.05. The stock’s 52-week range is $28.19 to $33.00. Volume was less than half the daily average of around 29.4 million shares. The company said this morning that customers for its additive manufacturing (3D printing) have secured $20 million in financing from GE Capital since the first quarter of the year.
Of the Dow stocks, 9 are on track to close higher Monday and 21 are set to close lower. Shares of Apple posted a new high of $153.70 this afternoon, briefly valuing the company at over $800 billion.