The S&P 500's energy sector was suffering a unanimous selloff, as crude oil and natural gas futures slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF (XLE) dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures for the S&P 500 were down 1.4%. The energy ETF's biggest decliners were shares of Marathon Oil Corp. (MRO), down 5.2%, and Devon Energy Corp. (DVN), down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp. (OXY) slid 3.4%, Exxon Mobil Corp. (XOM) declined 3.0% and Kinder Morgan Inc. (KMI) shed 2.6%. The best performer was Williams Companies Inc.'s stock (WMB), which fell 1.9%.
(END) Dow Jones Newswires
June 22, 2022 07:24 ET (11:24 GMT)
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