Crude oil, energy companies slammed as rising dollar, China questions weigh
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The S&P energy sector (NYSEARCA:XLE) leads the stock market lower, -3.2% as crude oil sinks under the weight of a stronger dollar, and as global demand concerns resurface after PMI data out of China came in below expectations.
China's factory activity shrank in December as surging COVID cases disrupted production and hurt demand after the government largely removed anti-virus restrictions.
WTI crude oil (CL1:COM) for February delivery currently -3.1% to $77.76/bbl while March Brent crude (CO1:COM) -3.3% to $83.08/bbl.
ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (DBO), (DRIP), (GUSH), (USOI), (NRGU)
Energy companies comprise nine of the S&P's 15 biggest decliners on the day: (CEG) -5.4%, (EQT) -5.3%, (APA) -5.2%, (CTRA) -4.9%, (HES) -4.6%, (DVN) -4.5%, (MRO) -4.5%, (HAL) -4%, (PXD) -3.8%.
Constellation Energy (CEG), Occidental Petroleum (OXY) and Hess (HES) were the top three percentage gainers on the S&P 500 for 2022.