Energy stocks led by Marathon top S&P losers as crude slides to six-week low
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The oil and gas sector was easily the stock market's worst performer on the S&P 500 on Wednesday, as crude oil prices fell to their lowest in more than a month on rising worries of a global economic slowdown that would hurt demand.
The Energy Select Sector SPDR ETF (NYSEARCA:XLE) closed -4%, and the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA:XOP) ended -6%, with energy turning even lower after last week posting the worst showing since the start of the pandemic.
Other relevant ETFs include (USO), (VDE), (OIH), (IEO), (CRAK) 
Ten of the 15 biggest losers on the S&P 500 Wednesday were in the oil and gas sector: Marathon Oil (NYSE:MRO) -7.2%, APA Corp. (APA) -7%, ConocoPhillips (COP) -6.2%, EOG Resources (EOG) -5.8%, Phillips 66 (PSX) -5.7%, Devon Energy (DVN) -4.9%, Diamondback Energy (FANG) -4.6%, Halliburton (HAL) -4.3%, Chevron (CVX) -4.3%, Hess (HES) -4.1%.
U.S. August WTI crude (CL1:COM) settled -3% at $106.19/bbl, with the $101.53 session low its lowest since May 11, and August Brent crude (CO1:COM) closing -2.5% at $111.74/bbl, with the $107.03 session low its lowest since May 19.
Oil prices pared losses during the session after Fed Chair Jerome Powell pledged to focus on bringing down inflation and reiterated that the pace of ongoing rate hikes would depend on the economic outlook.
"Powell seemed to change the mood of the market by seeming confident about the U.S. economy," according to Price Futures' Phil Flynn. "His words have soothed the market and put a bottom on prices for the short term."
Meanwhile, President Biden proposed a three-month gasoline tax holiday in a bid to ease pump prices.