Boeing, DowDuPont Sink the Dow Wednesday
April 11, 2018: Markets opened lower Wednesday and the blue chippers spent the entire day trading in the red. The tech-heavy Nasdaq popped in to the green for much of the day but was losing ground in the last hour and the S&P 500 was also trading down. Trump’s comments related to missiles raining down on Syria made for a subdued start to the day while the CPI report was not strong enough to overcome the geopolitics.
WTI crude oil for May delivery settled at $66.82 a barrel, up 2% for the day and the highest close in more than three years. The price soared even though U.S. crude oil inventories rose. June gold added about 1.1% on the day to settle at $1,360.00. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 0.77% for the day, the S&P 500 traded down 0.42%, and the Nasdaq Composite traded down 0.21%. All three indexes are making a last minute run toward the break-even line.
Bitcoin futures (XBTJ8) for April delivery traded at $6,920, up about 1.7% on the CBOE after opening at $6,890 this morning. The digital currency’s trading range for the day was $6,770 to $6,970.
The Dow stock posting the largest daily percentage loss ahead of the close Wednesday was The Boeing Co. (NYSE: BA) which traded down 2.26% at $327.27. The stock’s 52-week range is $175.47 to $371.60. Volume was about 40% below the daily average of around 6.4 million. The company had no specific news.
DowDuPont Inc. (NYSE: DWDP) traded down 1.61% at $64.83. The stock’s 52-week range is $59.29 to $77.08. Volume was about half the daily average of around 9.3 million. The company had no specific news Wednesday.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.49% at $110.83. The stock’s 52-week range is $81.64 to $119.33. Volume was about 30% lower than the daily average of around 16.3 million shares. The big bank was sued today for charging exorbitant fees to customers who purchased cryptocurrencies.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.37% at $253.05 in a 52-week range of $209.62 to $275.31. Volume of about 3 million shares was about 15% below the daily average. The investment bank got paid $90 million in interest on Venezuelan bonds. Goldman may be the only firm to get a check according to some.
Of the Dow stocks, 2 are on track to close higher Wednesday and 28 are set to close lower.