The S&P 500’s energy sector was suffering a unanimous selloff, as crude oil
and natural gas futures
slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF
dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures
for the S&P 500
were down 1.4%. The energy ETF’s biggest decliners were shares of Marathon Oil Corp.
down 5.2%, and Devon Energy Corp.
down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp.
slid 3.4%, Exxon Mobil Corp.
declined 3.0% and Kinder Morgan Inc.
shed 2.6%. The best performer was Williams Companies Inc.’s stock
which fell 1.9%.