Concerns over a prolonged trade war impacting energy demand have led to a decline in energy stocks alongside crude oil prices. The S&P 500 Energy Index fell by 3.3%, with all 23 component stocks experiencing losses. Notable declines included ExxonMobil (XOM, Financial) down 2.2%, Chevron (CVX) down 3.7%, and Williams Companies (WMB) down 4.7%. The largest drops were seen in EQT Corporation (EQT) and Targa Resources (TRGP), both down 6.7%, ONEOK (OKE) down 5.9%, and Kinder Morgan (KMI) down 5.6%.
The S&P/TSX Composite Index's energy sector also saw a decrease of 1.8%, with 41 of 42 stocks declining. Significant losses were recorded by Cameco Corporation (CCJ) down 5%, Energy Fuels (UUUU) down 10%, Denison Mines (DNN) down 7.7%, and NexGen Energy (NXE) down 7.1%.
Market sentiment was cautious due to increased uncertainties regarding the Federal Reserve's independence, following public criticism of Fed Chair Jerome Powell by Donald Trump.
