Energy stocks are the worst performers on the S&P 500 in early trading on Friday, as WTI crude oil slides below $80/bbl for the first time since January.
Oil and gas companies dominate the S&P losers list with 12 of the 15 worst performers: ( SLB ) -8.4% , ( APA ) -8.2% , ( MRO ) -8.1% , ( HAL ) -8% , ( FANG ) -7.4% , ( DVN ) -7.1% , ( HES ) -7% , ( COP ) -6.5% , ( EOG ) -6.2% , ( VLO ) -6.2% , ( PXD ) -6.1% , ( PSX ) -6.1%.
Driving the selloff are fears of a hard landing for the U.S. and global economy, according to Again Capital’s John Kilduff, who says using interest rates ” like a mallet to the global economy ” may significantly weigh on economic activity.
If crude declines further, OPEC may be forced to cut production, Nigeria Oil Minister Timipre Sylva said; the cartel and its allies earlier this month agreed to the first supply reduction in more than a year .
For further details see:Energy stocks dominate losers list as WTI drops below $80