August 17, 2017: Markets opened lower Thursday as traders looked more closed at the FOMC and wondered how the Fed will choose to deal with inflation. The Fed may also begin winding down its balance sheet next month, another negative for equities. Every sector traded in the red Thursday with tech and financials the big losers. WTI crude oil for September delivery settled at $47.09 a barrel, up 0.7% for the day. December gold also added 0.7% on the day to settle at $1,292.40. Equities were headed for a lower close shortly before the bell as the DJIA traded down 1.11%for the day, the S&P 500 traded down 1.41%, and the Nasdaq Composite traded down 1.74%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Cisco Systems Inc. (NASDAQ: CSCO) which traded down 4.14% at $31.00. The stock’s 52-week range is $29.12 to $34.60. Volume was about double the daily average of around 21.6 million shares. The company posted weak results Wednesday night.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.80% at $221.54. The stock’s 52-week range is $157.77 to $255.15. Volume was about 20% below the daily average of around 3.3 million. The investment bank had no specific news.
Apple Inc. (NASDAQ: AAPL) traded down 1.69% at $158.23. The stock’s 52-week range is $102.53 to $162.51. Volume was about 15% below the daily average of around 27 million shares. The tech giant had no specific news.
Wal-Mart Stores Inc. (NYSE: WMT) traded down 1.63% at $79.66. The stock’s 52-week range is $65.28 to $81.99. Volume was about more than 50% above the daily average of around 9 million shares. The company’s earnings report this morning included weaker guidance and lower margins have put investors off.
Of the Dow stocks, none is on track to close higher Thursday and all 30 are set to close lower.