Energy shares suffer heavy losses on crude oil selloff

  • S&P 500 Index touched its lowest level in nearly a month.
  • Major energy stocks are falling sharply amid plunging crude oil prices.
  • General Motors Co (GM: NYSE) shares post strong gains.

Wall Street’s main indexes opened sharply lower on Tuesday as safe-haven flows dominate the financial markets on Tuesday. As of writing, the S&P 500 Index, which touched its lowest level since August 11th at 3,339, was down 2.07% on the day at 3,356.

S&P 500 top movers

Energy stocks are posting heavy losses on Tuesday pressured by plunging oil prices. At the moment, the barrel of West Texas Intermediate is down 6.35% on a daily basis at $36.60.

Among the top energy shares, Apache Corp (APA: NASDAQ), Devon Energy Corp (DVN: NYSE), Occidental Petroleum Corp (OXY: NYSE), Diamondback Energy Inc (FANG: NASDAQ) and Marathon Oil Corp (MRO: NYSE) are down between 10.1% and 7.8% on the day.

On the other hand, General Motors Co (GM: NYSE) announced on Tuesday that it has reached a deal to take 11% stake in the US-based electric truck maker Nikola Corp. According to Reuters, companies will jointly build the Nikola Badger truck that is expected to compete with Tesla Inc’s Cybertruck. Boosted by this development, GM is trading at $32.53, up 8.3% as the top percentage gainer on Tuesday. 

Read More: Energy shares suffer heavy losses on crude oil selloff

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