Energy Stocks Follow Broader Market Losses; Dow below 12,000 Mark
Friday, June 10, 2021 11:49 AM



Stocks in the energy sector went south following the broader market fall after Chinese trade data disappointed investors, after rising in the previous session. Shares of Exxon Mobil Corp. (NYSE: XOM) dropped 1.26 percent to $80.16, BP Plc. (NYSE: BP) was down 2.06 percent to $43.33 and Chevron Corp. (NYSE: CVX) lost 1.28 percent to $99.93 in the initial hour of trading Friday. In the broader sector, NYSEArca Oil Index (XOI) was trading lower by 1.33 percent to 1,269.06 and NYSEArca Natural Gas Index (XNG) lost 1.01 percent to $661.30 points in the morning session of trading Friday. The Philadelphia Oil Service Sector Index (OSX) was down 1.95 percent to $258.77 points. Among other declining stocks, National Oilwell Varco Inc. (NYSE: NOV) lost 2.95 percent to $70.85, Chesapeake Energy Corp. (NYSE: CHK) declined 0.81 percent to 29.51 and ConocoPhillips (NYSE: COP) dropped 0.61 percent to $72.07 on Friday. Among the ETF’s, iShares Dow Jones US Energy Sector Fund ETF (NYSE: IYE) went south by 1.52 percent to $42.01 and Energy Select Sector SPDR Fund ETF (NYSE: XLE) lost 1.62 percent to $73.57 on Friday morning.

The Dow Jones Industrial Average was trading below the 12,000 mark at 11,972.23, down 1.25 percent, Nasdaq Composite Index also lost more than 1 percent to 2,651.96. The Standard & Poor’s 500 lost 1.20 percent to 1,273.55 on Friday.

 

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