May 29, 2018: Markets opened lower for a third straight session on Tuesday as traders chose to worry about what’s going on in Italy. The big fear is that Italians may do the British one better and withdraw from the eurozone. Then the White House announced that Trump is going ahead with tariffs on some Chinese goods which is sure to spark a retaliatory move by the Chinese. The financials and industrials sectors took the biggest hits today.
WTI crude oil for July delivery closed at $66.73 a barrel, down about 1.7% for the day. August gold dropped about 0.4% on the day to settle at $1,304.10. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 1.72% for the day, the S&P 500 traded down 1.31%, and the Nasdaq Composite traded down 0.64%.
Bitcoin futures (XBTM8) for June delivery traded at $7,485, up about 0.9% on the CBOE after opening at $7,275 this morning. The trading range today was $7,055 to $7,560.
The Dow stock posting the largest daily percentage loss ahead of the close Tuesday was JPMorgan Chase & Co. (NYSE: JPM) which traded down 4.60% at $105.57. The stock’s 52-week range is $81.64 to $119.33. Volume was 70% above the daily average of around 14.3 million shares. The bank had no specific news, but Tuesday was not a good day to be a bank.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 3.69% at $226.33 in a 52-week range of $209.62 to $275.31. Volume was about 35% above the daily average of around 3.1 million shares. The investment bank had no specific news.
American Express Co. (NYSE: AXP) traded down 3.56% at $97.50. The stock’s 52-week range is $75.98 to $103.24. Volume was about 25% below the daily average of around 3.5 million. The company had no news Tuesday.
General Electric Co. (NYSE: GE) traded down 3.11% at $14.18. The stock’s 52-week range is $12.73 to $29.47. Volume was about 15% below the daily average of around 71.3 million. The company had no specific news Tuesday.
Of the Dow stocks, just one (Coca-Cola) is on track to close higher Tuesday and 29 are set to close lower.