Energy stocks suffer broad selloff, led by Halliburton, as crude oil falls to more than 5-week low

Energy stocks were suffering a broad beating Tuesday, as a selloff in crude prices was exacerbated by a big decline in the broader stock market. The Energy Select Sector SPDR exchange-traded fund (XLE) sank 4.4% toward a five-week low, with all 23 equity components losing ground. With the ETF (XLE), Chevron Corp.'s stock (CVX) slumped 4.5%, enough to pace the decliners within the Dow Jones Industrial Average , which dropped 420 points, or 1.2%. The biggest XLE decliner was Halliburton Co.'s stock (HAL), which dove 8.0%, while Occidental Petroleum Corp.'s stock (OXY) was the best performer, but still lost 2.2%. Among other more-active XLE components, shares of Exxon Mobil Corp. (XOM) were down 3.7%, of Kinder Morgan Inc. (KMI) declined 2.5% and of Marathon Oil Corp. (MRO) slid 5.9%. Meanwhile, crude oil futures took a 5.2%, toward the lowest settlement in more than five weeks.

-Tomi Kilgore

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05-02-23 1456ET

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