Energy and health care stocks led another market selloff in midday trading, as tamer-than-anticipated retail inflation failed to overcome Wall Street’s pessimism.
The slump in energy stocks deepened after the Energy Information Administration reported a bigger-than-expected weekly rise in U.S. crude inventories of 6 million barrels, pushing oil prices deeper into the red.
Oil prices were already struggling as concerns about a tanking stock market stifling demand overshadowed the impact on Hurricane Michael on production.
The S&P Energy Sector index fell about 1.6% at 12:19 PM ET (16:19 GMT).
One outlier in the green was Murphy Oil (NYSE:MUR), which jumped about 11.5% after announcing a joint venture with Brazil’s Petrobras to explore oil and gas fields in the Gulf of Mexico. Murphy will have an 80% stake in the venture.
And health care stocks also took it on the chin, with the S&P Health Care Sector index falling about 1%.