trending Market Intelligence /marketintelligence/en/news-insights/trending/NNk1nvvSF1PJtO8ogFKqbg2 content esgSubNav
In This List

Tuesday's Energy Stocks: Street down after US tariffs on Chinese goods kick in

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Tuesday's Energy Stocks: Street down after US tariffs on Chinese goods kick in

Broader indexes were down on Tuesday, Sept. 3, the first business day after the U.S. levied a new round of tariffs on $112 billion in Chinese goods on Aug. 31.

Also, an index of U.S. manufacturing activity declined in August, to its lowest level since January 2016.

A decline in oil prices compounded the negative effect on a majority of oil and gas stocks. The electric and diversified utilities sector, on the other hand, closed in the day strongly.

The Dow Jones Industrial Average shed 1.08% to close at 26,118.02, and the S&P 500 retreated 0.69% to 2,906.27. Brent Crude was down 1.67% to $58.26 per barrel.

In the oil and gas business, Concho Resources Inc. shares shrank 5.07% to wrap a heavy session at $69.44 after the company agreed to divest its assets in the New Mexico Shelf to an affiliate of Houston-based Spur Energy Partners LLC for $925 million as part of an effort to streamline its portfolio.

Cheniere Energy Inc. stock trimmed off 1.16% to close an average outing at $59.02. The LNG producer has substantially completed the second liquefaction train of its Corpus Christi LNG export terminal, boosting the company's number of completed trains in the Texas project to seven.

Among large movers, Cimarex Energy Co. shares dropped 3.74% to $41.18, and Helmerich & Payne Inc. stock gave away 3.27% to $36.36, both on roughly average volume, while Antero Midstream Corp. units were down 2.25% to $6.95 in below-average trading.

Range Resources Corp. shares gained 3.65% to $3.69 in below-average trading, and Baker Hughes a GE company stock picked up 2.12% in solid trading to close at $22.15.

Crescent Point Energy Corp. has entered into agreements to sell all of its Uinta Basin assets and some of its southeast Saskatchewan conventional assets for approximately C$912 million in cash. The company's stock listed on the Toronto Stock Exchange climbed 6.43% to C$4.47 in strong trading.

The S&P 500 Energy Index decreased 0.55% to 419.76, and the Alerian MLP Index declined 0.72% to 229.61.

In the electric and diversified utilities sector, NextEra Energy Inc. shares rose 2.96% to $225.56 on high volume; Southern Co. stock was up 2.59% to $59.77 in about double average volume; and CenterPoint Energy Inc. units added 2.17% to close an above-average session at $28.29.

DTE Energy Co. shares were up 1.71% at the close of a robust session to $131.88. S&P Global Ratings has upgraded the long-term issuer credit rating and issue-level rating of subsidiaries DTE Electric Co. and DTE Gas Co. to 'A-' from 'BBB+' with a stable outlook.

In the renewable energy sector, Sunrun Inc. shares dropped 3.52% to $14.79, and First Solar Inc. stock lost 1.77% to $60.97, both on below-average volumes. Vivint Solar Inc. shares grew 3.10% to $8.31 on active volume.

The S&P 500 Utilities Index increased 1.75% to 321.51.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

Market prices and index values are current as of the time of publication and are subject to change.