Energy stocks lead S&P 500s sector losers, as oil prices hurt by coronavirus fears

Energy stocks lead S&P 500's sector losers, as oil prices hurt by coronavirus fears

The energy sector is suffering a broad selloff, and is the worst performer of the S&P 500's 11 key sectors, amid increasing worries that the deadly coronavirus would weigh on economic growth and sap demand for crude oil. The SPDR Energy Select Sector ETF dropped 2.5% toward a 13-month low, with all 28 components losing ground. The ETF has now dropped 6.6% in the past week as the coronavirus out of Wuhan made headlines. Halliburton Co.'s stock was the biggest loser Monday, shedding 5.0%. Among the other more-active components, shares of Schlumberger Ltd. slid 4.7%, Exxon Mobil Corp. declined 1.9%, Marathon Oil Corp. lost 2.0% and Kinder Morgan Inc. slipped 0.8%. Meanwhile, crude oil futures shed 2.8%, and were on track to settle at a 3 1/2-month low. The selloff comes as the S&P 500 dropped 1.6%. Separately, Marathon Oil was upgraded by Stifel Nicolaus analyst Derrick Whitfield, who picked Monday to raise his rating to buy, after being at hold for at least the past three years. Whitfield said he's now bullish because of the company's commitment to shareholder returns and improving capital efficiency. The company also offers investors lower than average execution risks.

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