The energy sector was taking a broad beating, as worries that new COVID-related lockdowns in China would hurt demand sent crude oil futures sliding toward 10-month lows. The SPDR Energy Select Sector ETF dropped 4.3% in midday trading toward a four-week low with all 23 components losing at least 2%, and as the S&P 500's eight biggest losers are all from the energy sector. Of the biggest decliners, shares of Diamond Back Energy Inc. tumbled 8.2%, Halliburton Co. slid 7.9% and Marathon Oil Corp. shed 7.2%. Chevron Corp.'s stock was losing 3.4% to pace the Dow Jones Industrial Average's decliners. The stock, which was headed for a four-week closing low, has lost 6.0% amid a four-day losing streak since it closed at a record $188.05 on Nov. 15. Crude oil futures gave up 5.6% toward the lowest settlement since January 2022.
(END) Dow Jones Newswires
November 21, 2022 11:55 ET (16:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.