Verizon, General Electric Sink the Dow Monday
Verizon, GE, Microsoft, and Intel were among the Dow's leading losers Monday.
April 30, 2018: Markets opened higher again Monday but the bears showed up about noon to drag the major indexes down. The big weight appears to be tech stocks — not including Apple which is scheduled to report earnings after markets close Tuesday. Even McDonald’s big earnings beat wasn’t enough to sway investors.
WTI crude oil for June delivery settled at $68.57 a barrel, up 0.4% for the day June gold dropped about 0.3% on the day to settle at $1,319.20 and closed the month of April down 0.6%. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 0.27% for the day, the S&P 500 traded down 0.48%, and the Nasdaq Composite traded down 0.42%.
Bitcoin futures (XBTK8) for May delivery traded at $9,310, up about 1.9% on the CBOE after opening at $9,300 this morning. The digital currency’s trading range for the day was $9,130 to $9,480.
The Dow stock posting the largest daily percentage loss ahead of the close Monday was Verizon Communications Inc. (NYSE: VZ) which traded down 3.91% at $49.55 in a 52-week range of $42.80 to $54.77. Volume of about 18 million shares was about 25% above the daily average. The company had no specific news.
General Electric Co. (NYSE: GE) traded down 1.84% at $14.11. The stock’s 52-week range is $12.73 to $29.47. Volume was about 65% below the daily average of around 81 million shares. The company had no specific news Monday.
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Microsoft Corp. (NASDAQ: MSFT) traded down 1.81% at $94.09. The stock’s 52-week range is $67.14 to $97.90. Volume was about 25% below the daily average of around 35.3 million. The company had no specific news.
Intel Corp. (NASDAQ: INTC) traded down 1.76% at $51.80. The stock’s 52-week range is $33.23 to $55.79. Volume was about 15% below the daily average of around 33 million. The company had no specific news Monday.
Of the Dow stocks, 7 are on track to close higher Monday and 23 are set to close lower.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
