Wall Street closed the Thursday, Sept. 26, session on lower ground following reports that the U.S. is unlikely to extend a waiver that allows American firms to do business with Huawei Technologies Co. Ltd. when it is due to expire in November.
The Dow Jones Industrial Average shed 0.30% to 26,891.12, and the S&P 500 posted a 0.24% decline to 2,977.62.
Broader energy markets, excluding electric and diversified utilities, retreated alongside equities markets, with the S&P 500 Energy Sector down 1.33% to 440.45, and the Alerian MLP Index falling by 0.76% to 232.77.
Transocean Ltd. fell 7.44% in about average trade on the New York Stock Exchange to settle at $4.73, following a downgrade from S&P Global Ratings on Sept. 25.
ConocoPhillips saw a 3.03% decline in average trading to $57.68. The Barrosa consortium, which is operated by ConocoPhillips, granted an engineering, procurement and installation contract for a 260-kilometer gas export pipeline to Allseas Group SA.
Chevron Corp. tumbled by 2.71% on above-average volume to close at $120.16, following reports that the oil major may be forced to pay penalties for carbon emissions from its Gorgon LNG plant in Western Australia.
Callon Petroleum Co. notched a 1.52% loss on average volume to $4.53. In a Sept. 26 message to investors, the company's leadership argued in favor of the planned $3.2 billion acquisition of Carrizo Oil & Gas Inc. amid vocal criticism of the deal. The firm also targeted $300 million to $400 million in asset monetizations after the merger.
Exxon Mobil Corp. shares were down 0.53% in below-average trading to $70.97. The oil supermajor signed a $4.5 billion agreement to sell its upstream operations in Norway to Eni SpA unit Vår Energi AS.
Substantial losses were also recorded at Range Resources Corp., with its shares dropping 7.66% in below-average trading to $4.10. Marathon Oil Corp. lost 3.08% in active trading to exit the session at $11.94. Hess Corp. slipped by 2.90% in below-average volume to settle at $61.68. On the other hand, Marathon Petroleum Corp. gained 1.15% in above-average volume to close at $60.84 as analysts considered an activist investor's proposal to split the company into three separate entities.
Midstream and pipeline partnerships also posted losses. MPLX LP dropped 3.07% in active trading to $28.45. Genesis Energy LP units were down 1.89% in twice the average volume to $21.33. DCP Midstream LP shed 1.42% in light trading to settle at $26.47.
NGL Energy Partners LP tumbled by 2.53% on above-average volume to $13.49 after the partnership agreed to a $600 million acquisition of all equity interests of Hillstone Environmental Partners LLC from Golden Gate Capital.
Enterprise Products Partners LP posted a 0.77% decline on nearly double average volume to settle at $28.47 after the partnership executed long-term contracts supporting the construction of a second propane dehydrogenation plant at its Mont Belvieu, Texas, complex.
Conversely, Antero Midstream Corp. gained 2.20% on below-average volume to exit the Thursday session at $7.42.
Solar firms leaned mixed to mostly lower for the Thursday session. SunPower Corp. fell 9.69% in brisk trading to $12.49. First Solar Inc. posted a 6.80% decline on twice the average volume to settle at $62.54.
On the other hand, Tesla Inc. added 6.06% in heavy trading to close at $242.56.
Energy and diversified utilities ran opposite the broader trend, with the S&P 500 Utilities Sector adding 0.48% to 329.42.
Brookfield Infrastructure Partners LP rose by 2.94% on active volume to $49.30. The partnership announced on Sept. 25 plans to create a Canadian corporation through a transaction similar to a unit split.
Among other gainers, PPL Corp. posted a 1.80% increase to close at $31.71, and NiSource Inc. shares were up 1.63% to settle at $30.56. Edison International saw a 1.61% gain to exit the session at $76.36. All traded below average volumes. Also, National Grid PLC trading on the New York Stock Exchange gained 2.73% to $54.62 in slightly above-average activity.
South Jersey Industries Inc. nudged higher by 0.55% in average trading to $32.74. The utility holding company entered into an unsecured $100 million term loan credit agreement to fund working capital.
Sempra Energy added 0.50% in slightly below-average trading to close at $144.73. The company signed two contracts for the output of a 150-MW solar project in Mexico.
DTE Energy Co. dipped 0.27% to $133.44 in active trading. The company set a goal of achieving net-zero emissions by its electric utility subsidiary by 2050.
CenterPoint Energy Inc. dropped 1.60% on about average volume to settle at $30.12.
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