Energy stocks suffered a broad selloff in premarket trading Monday, as crude oil prices plunged (Apache Corp. (APA) fell 8.6%, Occidental Petroleum Corp. (OXY) slid 7.1%, Exxon Mobil Corp. (XOM) shed 4.9%, Chevron Corp. (CVX) lost 4.0% and Schlumberger N.V. (SLB) declined 5.4%. Shares of oil services company Halliburton Co. (HAL), which is scheduled to report first-quarter results before Monday's open, dropped 6.5%. Although not an energy ETF component, Chesapeake Energy Corp.'s stock (CHK) tumbled 20% toward a record low. Crude oil futures sank 8.4%, while futures for the S&P 500 lost 1.5%.) amid concerns over reduced demand resulting the COVID-19 pandemic coupled with excess supply. The SPDR Energy Select Sector ETF (XLE) dropped 3.8%, with all of its components seeing activity trading lower. Among the more active shares in the early going,
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 20, 2020 06:34 ET (10:34 GMT)
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