Energy, Health Care Lead Broader Market’s Midday Selloff

11 Oct 2018

Energy, Health Care Lead Broader Market’s Midday Selloff

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).

Among the biggest losers in the index were Pioneer Natural Resources (NYSE:PXD), down 3%, Marathon Petroleum (NYSE:MPC), off 1.0%, and Newfield Exploration (NYSE:NFX), which lost about 2.33%.

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%.

CVS Health (NYSE:CVS) was the hardest hit, falling about 4% following rival Walgreen's (NASDAQ:WBA) miss on sales in its latest quarterly numbers. Walgreen’s was up about 1.9%.

Drugmakers also struggled. Pfizer (NYSE:PFE) sank about 2.3%, Bristol-Myers Squibb (NYSE:BMY) lost about 2.9% and Eli Lilly (NYSE:LLY) fell about 2.4%.

SIGN IN TO COMMENT

Facebook Comments

You can comment on Energy, Health Care Lead Broader Market’s Midday Selloff using Facebook here