Energy ETF On Pace For Worst Daily Decline In 6 Weeks As Crude Retreats

By Mark DeCambre Markets MarketWatch Pulse

A popular way to wager on the energy sector was sinking on Wednesday, weighing on the broader market as crude-oil prices drifted lower in late-morning trade. The Energy Select Sector SPDR ETF was down 1.2%, which would market the energy-focused funds worst daily drop since June 21, when its slipped 1.6%. Leading the charge lower was a 15% drop in Pioneer Natural Resources Co.'s stock and an 11% skid in Range Resources Corp. . Only Phills 66 , up about 1.2%, and Exxon Mobil Corp. gaining 0.4%, were in positive territory. U.S. traded crude-oil futures were down 0.8% at $48.75 a barrel, weighing on energy-related companies that drill for oil and provide services to the oil outfits. The energy sector was the worst performer among the S&P 500's 11, along with consumer-discretionary shares. The S&P 500 index was off 0.4%, while the Nasdaq Composite Index was down 0.5%. The Dow Jones Industrial Average , however, was off its highs, having surpassed a milestone at 22,000, up 0.1% at 21,986.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.