The energy sector was suffering a broad selloff Monday, and was the hardest hit of the S&P 500's (S&P:SPX) 11 sectors, as worries that China-baed property developer China Evergrande Group (HKG:HK:3333) (OTC:EGRNY) could default sent shivers through financial markets, including the crude oil market. The SPDR Energy Select Sector ETF (PSE:XLE) dropped 5.4% in afternoon trading with all 22 equity components losing ground, putting the ETF on track for the biggest one-day selloff in 10 months. Among the ETF's most-active components, shares of Exxon Mobil Corp. (NYS:XOM) slid 3.7%, Occidental Petroleum Corp. (NYS:OXY) shed 6.7%, Marathon Oil Corp. (NYS:MRO) slumped 5.9%, Chevron Corp. (NYS:CVX) was down 3.3% and Kinder Morgan Inc. (NYS:KMI) gave up 2.8%. Meanwhile, crude oil futures (NYM:CL00) fell 2.2% and the S&P 500 (S&P:SPX) sank 2.6%.
Sept. 20, 2021, 2:56 p.m. EDT