Energy stocks are bearing the brunt of today's S&P 500 selloff, with WTI crude oil -3.1% to $52.34/bbl and Brent -2.4% to $61.20/bbl on global growth concerns. USO -3.35%
The White House's Larry Kudlow earlier spoke of a "sizable" distance between the U.S. and China on trade talks.
The XLE is down 2.9% vs. the S&P 500's 1.4%.
Today's declines in oil and the broader stock market "came on the back of fresh risk-based selloff, after the European Commission slashed growth forecasts for the Eurozone and its major economies sharply for 2019 and 2020, further stoking concerns of a global growth slowdown," ICICI Bank analysts write.
Also, a Libyan general reportedly took control of the country’s largest oil field, raising the likelihood the facility will restart production.
Subscribe for full text news in your inbox