Markets closed lower on Monday, Aug. 12, amid lingering trade fears and geopolitical worries. The 10-year Treasury yield hit its lowest price since October 2016.
The Dow Jones Industrial Average slid 1.48% to 25,897.71, and the S&P 500 shed 1.22% to close at 2,883.09.
Energy companies also settled with losses, with oil and gas firms leading the sell-off.
During the nearly three months between the announcement of Occidental Petroleum Corp.'s proposed $55 billion acquisition of Anadarko Petroleum Corp. on May 9 and its closing Aug. 8, commentary on the move became increasingly negative and Occidental shareholders have taken their frustrations out on the company's stock.
Occidental closed 4.50% down in above-average trading to settle at $45.01.
Sanchez Energy Corp. shares fell 26.67% on nearly 13x average trading volume to close at 5.50 cents. The oil and gas driller filed for bankruptcy reorganization, following a review of strategic alternatives to align its capital structure with the continued low commodity price environment.
Sanchez Midstream Partners LP and certain other unrestricted subsidiaries of the company are excluded in these Chapter 11 proceedings. The partnership closed the day down 13.51% on more than 6x average trading volume to end at 45.94 cents.
Antero Midstream Corp. slid 2.83% on average volume to close at $7.05, following its board's approval of a program to repurchase up to $300 million of the company's common shares.
Shares of McDermott International Inc. were down 7.98% in brisk trading to conclude at $3.92. The company was granted a contract by PetroLogistics II LLC to provide front-end engineering design for a planned propane dehydrogenation facility in the U.S. Gulf Coast.
Among other oil and gas companies, Gulfport Energy Corp. added 3.05% on light volume to $3.38, while Cimarex Energy Co. lost 4.58% in average trading to $41.05, and Marathon Petroleum Corp. shed 4.17% in light trading to $46.37.
The S&P 500 Energy Sector settled 1.45% lower to 429.65, and the Alerian MLP Index rolled back 1.04% to 227.94.
Pattern Energy Group Inc. rose 7.94% in heavy trading to finish at $25.15, following a Bloomberg News report that the company has drawn takeover interest from suitors including Brookfield Asset Management Inc.
In the electric and diversified utilities sector, PG&E Corp. lost 7.67% in brisk trading to settle at $16.73. The company's board is evaluating a $15 billion financing proposal from hedge funds Abrams Capital Management LP and Knighthead Capital Management LLC in support of the bankrupt utility's reorganization plan.
The proposal, which is designed to provide equity capital commitments for the restructuring plan, calls for the issuance of up to $15 billion of shares by reorganized PG&E Corp. through a rights offering.
DTE Energy Co. shares finished 1.00% lower on light volume to $128.07, after the company remarketed $675 million of its 2016 series C 2.529% senior notes due 2024. The company originally issued the notes as of part of its corporate units in October 2016.
Emera Inc. was up 0.74% in strong trading on the Toronto Stock Exchange to close at C$55.94, after posting second-quarter 2019 adjusted net income of C$130 million, or 54 Canadian cents per basic share, improving from C$111 million, or 48 Canadian cents basic per share, in the year-ago quarter. The S&P Global Market Intelligence normalized consensus EPS estimate for the quarter was 52 Canadian cents.
Among solar shares, SunPower Corp. declined 7.69% in brisk trading to close at $13.21; First Solar Inc. retreated 4.03% on average volume to settle at $60.94; and Enphase Energy Inc. edged 2.98% lower on heavy volume to finish at $30.90; while SolarEdge Technologies Inc. gained 5.22% in active trading to end at $86.63.
The S&P 500 Utilities Sector retreated 0.29% to 307.40.
Market prices and index values are current as of the time of publication and are subject to change.