Verizon, JPMorgan Weigh on the Dow Tuesday
June 12, 2018 by Paul AusickJune 12, 2018: Markets opened higher again Tuesday but it was kind of an up-and-down session that appears to be headed for a mixed close at best. The summit meeting between Trump and Kim had at best a minimal effect on the markets. Tomorrow’s announcement on interest rates has taken over as the prime market mover. The utilities sector was today’s big winner while the energy and real estate sectors gave up the most.
WTI crude oil for July delivery closed at $66.36 a barrel, up about 0.4% for the day. August gold dropped about 0.3% on the day to settle at $1,299.40. Equities were headed for a narrowly mixed close about 10 minutes before the bell as the Dow traded down 0.10% for the day, the S&P 500 traded up 0.05%, and the Nasdaq Composite traded up 0.40%.
Bitcoin futures (XBTM8) for June delivery traded at $6,485, down about 4% on the CBOE after opening at $6,770 this morning. The trading range today was $6,425 to $6,910.
The Dow stock posting the largest daily percentage loss ahead of the close Tuesday was Verizon Communications Inc. (NYSE: VZ) which traded down 1.12% at $48.75. The stock’s 52-week range is $42.80 to $54.77. Volume was about 20% below the daily average of around 14.6million. The company had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded down 0.70% at $110.06. The stock’s 52-week range is $109.98 to $119.33. Volume was about 35% below the daily average of around 14.3 million shares. The company has been sued for $1.2 billion by a Mexico-based real-estate firm.
The Travelers Companies Inc. (NYSE: TRV) traded down 0.59% at $129.73 in a 52-week range of $113.76 to $150.55. Volume was about a third the daily average of around 1.5 million shares. The company had no specific news.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 0.56% at $232.77. The stock’s 52-week range is $214.64 to $275.31. Volume was about half the daily average of around 3.1 million. The company had no specific news.
Of the Dow stocks, 12 are on track to close higher Tuesday and 18 are set to close lower.
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