The energy sector took a broad beating in afternoon trading Tuesday, as crude oil and natural gas prices took sharp dives on the back of a surge in the U.S. dollar and continued fears that a recession would dampen demand. The SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +0.76% tumbled 5.8% toward a more than four-month low, with all 21 of the equity components losing ground by more than 4%. The biggest decliners were shares of Halliburton Co. /zigman2/quotes/210488727/composite HAL -0.07% , which slumped 9.0%, and APA Corp. /zigman2/quotes/200648444/composite APA -0.40% , which dropped 8.5%. Among the more-active components, Exxon Mobil Corp.'s stock /zigman2/quotes/204455864/composite XOM +0.87% slid 5.0% toward the lowest close since mid-April, even after the company said late Friday that it would get a boost of at least $2.5 billion to second-quarter profit from rising oil and gas prices. Elsewhere, shares of Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY +0.06% were knocked down 5.1% and Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO +0.63% took a 7.9% hit. The best performer in the ETF was Chevron's stock /zigman2/quotes/205871374/composite CVX +0.14% , which fell 4.3%. Meanwhile, continuous crude oil futures /zigman2/quotes/209723049/delayed CL00 -2.61% dove 9.4% and natural gas futures /zigman2/quotes/210189548/delayed NG00 -1.06% sank 5.8%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.73% lost 0.9%.
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