Energy stocks decline, China to tighten grip on Hong Kong
The S&P 500 continues to trade with a slim 0.2% decline. Energy stocks are today's laggards, pressured by profit-taking interest and a decline in oil prices ($32.41, -1.51, -4.5%).The reported catalyst for today's decline in oil is China scrapping its 2020 GDP growth target, which is the first time in 30 years Beijing is now without an economic growth target. Some of it might also be due to the uncertainty facing U.S.-China relations after China indicated it was going to implement national security laws in Hong Kong. The S&P 500 energy sector is down 1.7%, while shares of Alibaba (BABA 202.22, -10.02, -4.7%) are down 5% following its earnings report. The company commented on the increased uncertainty following this week's escalation in U.S.-China tensions.