⚡️Energy Sector Takes a Hit: USO and Major Stocks Drop Amid Falling Crude Prices, Geopolitical Uncertainty and Hurricane Disruptions | Energy Sector Insights
XLE has experienced a decline of 3.0% during Tuesday's market hours, primarily due to profit-taking as oil prices fell sharply. WTI crude dropped significantly, reflecting broader market concerns, particularly related to Hurricane Milton and disappointing economic stimulus measures from China.
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Tuesday, October 8
XLE [-3.0%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has experienced a decline of 3.0% during Tuesday's market hours, primarily due to profit-taking as oil prices fell sharply. WTI crude dropped significantly, reflecting broader market concerns, particularly related to Hurricane Milton and disappointing economic stimulus measures from China. Additionally, Kinder Morgan has shut down pipelines in the Central Florida pipeline system, which may disrupt energy exports temporarily. Among the ETF's holdings, Exxon Mobil Corp saw a notable decline in shares following its announcement of plans for floating rate notes and the shutdown of oil wells in North Dakota due to wildfires. Other contributors to the downturn include Marathon Petroleum, which faced increased bearish options trading, and several other major companies within the sector, all of which reported negative returns.