May 24, 2018: Markets opened lower Thursday following Trump’s cancellation of the June meeting with North Korea’s Kim Jong-un. Trump’s threatened tax on imported cars boosted the industrials, consumer cyclicals, and utilities sectors. The energy sector tumbled after a two-week run-up.
WTI crude oil for July delivery closed at $70.71 a barrel, down about 1.6% for the day. June gold added 1.2% on the day to settle at $1,304.40. Equities were headed for a narrowly lower close about 10 minutes before the bell as the Dow traded down 0.30% for the day, the S&P 500 traded down 0.23%, and the Nasdaq Composite traded down 0.06%.
Bitcoin futures (XBTM8) for June delivery traded at $7,585, down about 0.8% on the CBOE after opening at $7,635 this morning. The trading range today was $7,265 to $7,750.
The Dow stock posting the largest daily percentage loss ahead of the close Thursday was Exxon Mobil Corp. (NYSE: XOM) which traded down 2.42% at $80.16 in a 52-week range of $72.16 to $89.30. Volume was about 35% below the daily average of around 5.2 million shares. The company had no specific news.
Chevron Corp. (NYSE: CVX) traded down 1.74% at $126.46. The stock’s 52-week range is $102.55 to $133.88. Volume was about 33% below the daily average of around 6.7 million shares. Like Exxon, the company had no specific news, but low oil prices hit the shares today.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.05% at $111.31. The stock’s 52-week range is $81.64 to $119.33. Volume was about 30% below the daily average of around 14.5 million. The bank had no specific news Thursday.
Johnson & Johnson (NYSE: JNJ) traded down 1.08% at $122.12. The stock’s 52-week range is $121.28 to $148.32. Volume was about 20% below the daily average of 6.8 million. The company has been ordered to pay nearly $26 million in a case related to cancer linked to asbestos in the company’s baby powder product.
Of the Dow stocks, 10 are on track to close higher Thursday and 20 are set to close lower.