Energy sector suffers broad selloff, as Evergrande fears even weigh on crude oil prices
Published
Sep 20 2021 at 6:55 PM GMT
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- The energy sector was suffering a broad selloff Monday, and was the hardest hit of the S&P 500's 11 sectors, as worries that China-baed property developer China Evergrande Group could default sent shivers through financial markets, including the crude oil market.
- The SPDR Energy Select Sector ETF dropped 5 4% in afternoon trading with all 22 equity components losing ground, putting the ETF on track for the biggest one-day selloff in 10 months.
- Among the ETF's most-active components, shares of Exxon Mobil Corp slid 3 7%, Occidental Petroleum Corp shed 6 7%, Marathon Oil Corp slumped 5 9%, Chevron Corp was down 3 3% and Kinder Morgan Inc gave up 2 8%.
- Meanwhile, crude oil futures fell 2 2% and the S&P 500 sank 2 6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
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- Published Sep 20, 2021 6:55 PM GMT