Exxon Mobil, Chevron Clobber the Dow Thursday

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.

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