June 15, 2017: Markets opened lower Thursday following the Fed’s decision to raise the fed funds rate another quarter point on Wednesday and the promised another rate hike this year. Today’s best performing sectors were real estate, utilities, and industrials; laggards were energy and basic materials. WTI crude oil for July delivery settled at $44.46 a barrel, down 0.6% for the day. August gold dropped 1.7% for the day to settle at $1,254.60. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.13% for the day, the S&P 500 traded down 0.29%, and the Nasdaq Composite traded down 0.54%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Nike Inc. (NYSE: NKE) which traded down 3.22% at $52.90. The stock’s 52-week range is $49.01 to $60.33. Volume was about 50% above the daily average of around 2.9 million shares. The company announced a new corporate structure and some 1,400 layoffs this morning.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.49% at $223.13. The stock’s 52-week range is $138.20 to $255.15. Volume was about 30% below the daily average of around 3.9 million shares. The bank reportedly closed a $7 billion secondhand private equity fund.
Visa Inc. (NYSE: V) traded down 1.43% at $93.96. The stock’s 52-week range is $73.25 to $96.60. Volume was about equal to the daily average of around 8 million. The company had no specific news Thursday.
Wal-Mart Stores Inc. (NYSE: WMT) traded down 1.2% at $78.95. The stock’s 52-week range is $65.28 to $80.47. Volume was about 25% above the daily average of around 7.8 million shares. The company had no specific news, but the grocery business took a hit today when Kroger reported weak results and offered weak guidance.
Of the Dow stocks, 12 are on track to close higher Thursday and 18 are set to close lower.