4 stocks that weighed on markets
Markets opened higher on Monday following Friday’s strong report on industrial production that was later describe as a catch-up phase from previous growth. But the big drag appears to have been crude oil again, which closed below $56 a barrel on the Nymex. Shortly before the closing bell the DJIA traded down 0.57% for the day, the S&P 500 traded down 0.58%, and the Nasdaq Composite traded down 0.94%.
The DJIA stock posting the largest daily loss ahead of the close Monday was McDonald’s Corp. (NYSE: MCD) which traded down 2.36% at $88.48. The stock’s 52-week range is $88.38 to $103.78, and the low was posted on Monday. Trading volume was about a 35% above the daily average of around 6 mln shares. There was no specific news for the company, but recently announced sales declines and menu changes are weighing in again.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.62% at $185.77. The stock’s 52week range is $151.65 to $198.06. Volume was about 15% above the daily average of around 3 mln shares. Goldman announced a slew of new ETFs on Friday, and investors might be thinking now is not the best time for this.
Chevron Corp. (NYSE: CVX) traded down 1.50% at $100.84. The stock’s 52-week range is $100.42 to $135.10. Trading volume was about 35% above the daily average of around 8 mln shares. The integrated oil company has pulled out of a huge natural gas deal in Ukraine, and oil prices continue to slide.
Merck & Co. Inc. (NYSE: MRK) traded lower by 1.30% at $56.97. The stock’s 52-week range is $47.61 to $62.20. Volume was about 10% below the daily average of around 11 mln shares.