Energy stocks suffer broad selloff after Exxon Mobil, Chevron results and oil drops again
Energy stocks were suffering a broad selloff Friday, as disappointing earnings reports from the industry leaders and further declines in oil prices took a toll. The SPDR Energy Select Sector ETF dropped 2.9% toward a four-year low, with 27 of 28 components losing ground. Among the more-active components, shares of Exxon Mobil Corp. slumped 3.6% and Chevron Corp. shed 3.5% after both companies reported earnings that missed expectations, according to FactSet. Meanwhile, crude oil futures slumped 0.9% toward a near 6-month low amid demand concerns as the coronavirus spreads. Crude futures have not tumbled 15.5% this month. Natural gas futures bounced 1.2%, after closing at a four-year low on Thursday. The energy ETF has now lost 7.6% over the past three months, while the Dow Jones Industrial Average has advanced 5.4%.
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