July 25, 2024

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Stocks slip on Wall Street as the price of oil falls back | National News

2 min read

Stocks are slipping in early trading on Wall Street Thursday, with energy stocks taking the hardest hits as the price of oil falls back, despite a round of encouraging reports on the economy.

The S&P 500 was 0.6% lower for the latest ebb in the back-and-forth trading it’s gone through the last few weeks. Expectations that the economy will soar thanks to COVID-19 vaccinations and huge amounts of spending by Washington are supporting much of the market, but a quick rise in interest rates is undercutting stocks at the same time.

The Dow Jones Industrial Average was down 245 points, or 0.8%, at 32,174, as of 9:52 a.m. Eastern time. The Nasdaq composite index was 0.7% lower.

Stocks of energy producers dropped to the sharpest losses after the price of U.S. oil slumped 3.3% to $59.14 per barrel. Diamondback Energy fell 4.9%, and Halliburton dropped 4.5%.

Oil’s price was giving back a big portion of its 6% jump from a day earlier, when it jumped above $61 per barrel after a skyscraper-sized cargo ship wedged itself across Egypt’s Suez Canal and raised worries about supply disruptions.

Yields in the Treasury market also continued to ease after the 10-year yield spiked above 1.70% last week, its highest level since before the pandemic started. The 10-year Treasury yield, which helps set rates for all kinds of loans, fell to 1.59% from 1.61% late Wednesday.

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