Wall Street capped the Friday, Sept. 27, trading day with losses following reports that the Trump administration is considering ways to limit U.S. portfolio investments in China and delist Chinese firms from U.S. stock exchanges.
The Dow Jones Industrial Average declined 0.26% to 26,820.25, and the S&P 500 retreated 0.53% to 2,961.79.
Most electric and diversified utilities also closed lower, with the S&P 500 Utilities Sector retreating 0.34% to 328.29.
A day prior, the PJM Interconnection updated market participants it suspended and will not move ahead with any base residual auction deadlines for its capacity market until it receives an order from federal regulators.
Among decliners, NiSource Inc. was down 1.73% on average volume to $30.03, CMS Energy Corp. dropped 1.58% in active trading to $64.01, Exelon Corp. retreated 1.22% on light volume to $48.58, and WEC Energy Group Inc. shed 1.07% in light trading to $94.87.
PG&E Corp. lost 5.42% in strong trading to close at $10.12. A group of Pacific Gas and Electric Co. senior unsecured noteholders has pitched the latest plan to help the California utility emerge from bankruptcy and pay off debt and wildfire claims.
The proposal would provide $29.2 billion in new investments in exchange for 59.3% of the outstanding common stock of reorganized PG&E Corp., new debt of reorganized PG&E Corp. and new debt of reorganized utility subsidiary PG&E.
Just Energy Group Inc. shares rose 28.32% in brisk trading to $2.22. The Robert L. Snyder Trust - 2005 Stream, as well as Robert Lloyd Snyder as its sole trustee and beneficiary, disclosed ownership of 12,440,645 shares of Just Energy, representing about 8.3% of outstanding shares of common stock.
Black Hills Corp. declined 0.92% in light trading to $76.82. The company priced a $700 million public offering of its senior unsecured notes.
Among solar stocks, SunPower Corp. shed 8.33% to $11.45; First Solar Inc. lost 6.52% to $58.46; and JinkoSolar Holding Co. Ltd. retreated 6.40% to $16.82, all on strong volume.
In the oil and gas sector, Marathon Petroleum Corp.'s stock price closed 2.60% higher on brisk volume to $62.42. Chairman and CEO Gary Heminger fired back at critics accusing former Andeavor board members of "grossly misleading" comments in a letter demanding that he step down.
Paul Foster and Jeff Stevens, who hold about 1.7% of Marathon Petroleum, said in a letter that Heminger had attempted to short-circuit their efforts for a dialogue on how to maximize shareholder value.
Heminger responded with a letter addressed to company employees. "You should know that the board and I are committed to doing the right thing for this company and its shareholders. While we know that we have work to do, we believe the letter is grossly misleading and it contains a number of significant inaccuracies," Heminger said.
Among other oil and gas companies, EQT Corp. gained 3.03% in light trading to $11.23, Cimarex Energy Co. added 2.44% in light trading to $47.86, Halliburton Co. shed 2.80% on roughly average volume to $18.73, and Hess Corp. receded 2.51% in above-average trading to $60.13.
The S&P 500 Energy Sector was unchanged at 440.45, and the Alerian MLP Index finished 0.29% lower to 232.08.
Market prices and index values are current as of the time of publication and are subject to change.
