Markets Right Now: Oil prices, energy companies fall sharply

Markets Right Now: Oil prices, energy companies fall sharply Photo: AP

May 25, 2018 03:21 PM

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

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Energy companies and oil prices took their worst losses in months following reports that OPEC countries plan to produce more oil soon.

The drops Friday left major U.S. market indexes mostly lower at the end of an indecisive week.

U.S. crude oil sank 4 percent after multiple reports indicated that Russia and OPEC could start producing more crude. Chevron lost 3.5 percent and Exxon Mobil gave up 1.9 percent.

Gap plunged 14.6 percent after reporting a weak first quarter.

The S&P 500 index fell 6 points, or 0.2 percent, to 2,721.

The Dow Jones industrial average lost 58 points, or 0.2 percent, to 24,753. The Nasdaq composite rose 9 points, or 0.1 percent, to 7,433.

Bond prices rose. The yield on the 10-year Treasury fell to 2.93 percent.

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11:45 a.m.

Stocks are mostly lower as energy companies sink following reports OPEC countries plan to produce more oil soon.

Chevron lost 3.8 percent Friday and Exxon Mobil gave up 2.4 percent.

Airlines climbed as investors anticipated lower fuel costs. Alaska Air jumped 4.3 percent and Delta rose 2.6 percent.

Falling bond yields put pressure on banks, even as they help dividend-payers like household goods makers.

Gap plunged 13.6 percent after reporting a weak first quarter as its namesake brand continued to struggle.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,723.

The Dow Jones industrial average lost 34 points, or 0.1 percent, to 24,777. The Nasdaq composite rose 22 points, or 0.3 percent, to 7,447.

Bond prices rose. The yield on the 10-year Treasury fell to 2.93 percent.

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9:35 a.m.

Stocks are opening modestly lower on Wall Street as energy companies sink along with the price of crude oil.

Chevron lost 2.3 percent early Friday and Exxon Mobil gave up 1.9 percent.

That came as the price of U.S. crude fell 2.7 percent to $68.74 a barrel. Oil fell following reports that OPEC and Russia could start pumping more oil soon.

Gap dropped 10.2 percent after reporting earnings that fell short of analysts' estimates as sales fell in its flagship stores.

The S&P 500 index fell 6 points, or 0.2 percent, to 2,720.

The Dow Jones industrial average lost 70 points, or 0.3 percent, to 24,739. The Nasdaq composite edged down 3 points, or 0.1 percent, to 7,420.

Bond prices rose. The yield on the 10-year Treasury fell to 2.94 percent.

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(Copyright 2018 by The Associated Press. All Rights Reserved.)

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