Broader indexes traded lower on Tuesday, Oct. 8, as investors saw no solution forthcoming in the trade war between the U.S. and China. The U.S. is set to impose import tariffs at the rate of 30% on $250 billion worth of Chinese goods, starting Oct. 15.
A decline in stocks from the chemical and technology industry shaved 313.98 points from the Dow Jones Industrial Average. The Dow retreated 1.19% to close at 26,164.04, and the S&P 500 shed 1.56% to 2,893.06.
Appalachian shale gas driller EQT Corp.'s Executive Vice President and Chief Commercial Officer Donald Jenkins extended his noncompete agreement with the company through the end of April. EQT shares tumbled 5.22% to wrap a slow day at $9.26.
Antero Resources Corp.'s shares dropped 7.87% to $2.46 in slow trading. The company named Vicky Sutil and Tom Tyree as class III and class I directors, respectively.
Exxon Mobil Corp. saw stock shrink 1.94% to $66.70 on low volume. The oil and gas major aims to make a final investment decision on the $30 billion Rovuma liquefied natural gas project in Mozambique by 2020. Additionally, the company has reportedly hired investment bank Jefferies Financial Group Inc. to help it assess options for its U.K. North Sea assets, including stakes in around 40 producing oil and gas fields that could raise at least $2 billion.
Occidental Petroleum Corp. shares slipped 3.20% to $40.83 on below-average volume. Houston-based investment bank Tudor Pickering Holt & Co. said Occidental Petroleum's determination to acquire Anadarko Petroleum Corp. has damaged the company's balance sheet and reputation so much that it could take years to recover. Since the acquisition completed in August, a significant number of investors have shown their disagreement by unloading their Occidental shares.
Kinder Morgan Inc. has been allowed by the central Texas city of Kyle to build its proposed pipeline project to take 2 Bcf/d of natural gas from the Permian Basin to the Texas Gulf Coast. Kinder Morgan shares chipped off 1.43% to $20.01 on thin volume.
Abu Dhabi's sovereign wealth fund Mubadala Investment Co. is one of the entities interested in taking a stake in TC Energy Corp.'s planned Coastal GasLink natural gas pipeline. TC Energy's shares lost 1.40% to close a light session at $50.78.
ConocoPhillips shares slipped 1.28% to close at $53.90 on average trading. The company's announcement that it will hike its quarterly dividend by a massive 38% could attract investors but could also damage the company's credit quality in the long term, analysts said.
Apache Corp. stock lost 5.37% to settle at $20.25 on average volume, while Devon Energy Corp. stock closed an active session 4.48% lower at $20.91.
Among top performers, Western Midstream Partners LP stock rose 2.20% to $24.20 on above-average volume and Shell Midstream Partners LP stock gained 0.90% to $21.25 on active volume.
The S&P 500 Energy Index fell 1.78% to 412.37 and the Alerian MLP Index shed 1.10% to 224.81.
In the electric and diversified utilities sector, California-based PG&E Corp. stock took a 5.22% hit to close an average session at $10.90 after principal utility Pacific Gas and Electric Co. issued a preemptive warning of a power shutdown in 38 of the state's 58 counties that could last for days, amid high fire risk conditions.
NextEra Energy Inc. stock shed 1.11% to $229.97, and Duke Energy Corp. stock ticked off 0.86% to $96.09, both in slightly below-average trading volume. Both companies are participating in Florida municipal utility JEA's request for proposals for new ownership structures, including privatization, the utilities confirmed.
CenterPoint Energy Inc. shares retreated 2.25% to $28.18 and AES Corp. stock gave away 2.15% to $15.51, both on low volumes, while PPL Corp. shares shed 1.95% to end at $30.21 on active volume.
The S&P 500 Utilities Index declined 1.01% to 324.27.
Market prices and index values are current as of the time of publication and are subject to change.
