Apple, Goldman Sachs Tank the Dow Monday

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November 12, 2018: Markets opened lower Monday and that was just for starters. Only the S&P 500 looked like it had a chance to avoid a decline of around 2% for the day. Oil traded higher early this morning, but gave back all its gains and then some on its way to an 11th straight day of falling prices. Energy was the day’s big loser, down about 3% while consumer staples, telecom, and real estate were the day’s gainers.

WTI crude oil for December delivery settled at $59.93 a barrel, down 0.4% for the day, its lowest close since February. December gold also dropped about 0.4% to settle at $1,203.50 for the day. Equities were heading for a lower close about 10 minutes before the bell as the Dow traded down 2.31% for the day, the S&P 500 traded down 1.95%, and the Nasdaq Composite traded down 2.71%.

Bitcoin futures (XBTX8) for November delivery traded at $6,330, up about 0.2% for the day on the Cboe after opening at $6,310 this morning. The trading range today was $6,310 to $6,405.

The Dow stock posting the largest daily percentage loss ahead of the close Monday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 7.28% at $206.43 in a 52-week range of $205.90 to $275.31. Volume was about 3 times the daily average of around 2.9 million shares. Investors are concerned with the depth of the company’s involvement in the 1MDB scandal.

Apple Inc. (NASDAQ: AAPL) traded down 4.87% at $194.51. The 52-week range on the stock is $150.24 to $233.47. Volume was about 30% higher than the daily average of around 34.8 million. Apple supplier Lumentum warned on shipments and profits this morning.

The Boeing Co. (NYSE: BA) traded down 3.02% at $358.10. The stock’s 52-week range is $260.15to $394.28. Volume was about 20% below the daily average of around 3.6 million shares.

The Home Depot Inc. (NYSE: HD) traded down 2.84% at $180.71 The stock’s 52-week range is $163.15 to $215.43. Volume was about 15% above the daily average of around 4.9million. The home improvement giant reports earnings before Tuesday’s opening bell.

Of the Dow stocks, just 4 were set to close higher Monday and 26were on track to close lower.

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