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Friday's Energy Stocks: Tariff threat on Mexico hurts Wall Street

Wall Street closed Friday, May 31, with losses after President Donald Trump announced on Twitter that the U.S. will impose a 5% tariff on all imports from Mexico starting June 10.

The tariffs will be raised to as much as 25% by October, "unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory," the White House said late May 30.

Meanwhile, China said it will create a blacklist of "unreliable" foreign entities it believes threaten domestic companies, a move that could further complicate the ongoing trade dispute with the U.S.

The Dow Jones Industrial Average fell 1.41% to close at 24,815.04, while the S&P 500 declined 1.32% to finish at 2,752.06.

Electric and diversified utilities stayed afloat despite the broader market and sector selloff.

Notable performers include Consolidated Edison Inc., which rose 1.23% on light volume to reach $86.30; Alliant Energy Corp., which climbed 1.22% in weak trading to end at $47.46; and PG&E Corp., which lost 3.82% in brisk trading to finish at $17.10.

The Virginia State Corporation Commission rejected Costco Wholesale Corp.'s request to aggregate or combine the demands of 27 of its retail accounts in order to switch to a third-party competitive service provider, in order to "escape" the rate structure of Dominion Energy Virginia. Parent company Dominion Energy Inc. closed the trading session 1.17% higher on weak volume to $75.18.

In the renewables sector, Enphase Energy Inc. retreated 3.80% on strong volume to $15.17, Sunrun Inc. declined 1.82% in light trading to $15.66, SunPower Corp. dropped 5.09% in active trading to $7.46, and First Solar Inc. slid 2.68% on light volume to $58.04.

The S&P 500 Utilities Sector saw a 0.44% increase to close at 293.95.

In the oil and gas sector, Marathon Oil Corp. shares decreased 3.45% in active trading to end at $13.15, after completing the sale of its 15% interest in the Atrush block in Kurdistan.

BP PLC dipped 0.76% on average volume to settle at $40.72, while Exxon Mobil Corp. closed down 1.67% on light volume to $70.77.

According to a report from the Alaska Journal of Commerce, citing Lt. Gov. Kevin Meyer, BP and Exxon will allocate $10 million each to help the estimated $43 billion Alaska LNG project get its federal construction authorization.

Tourmaline Oil Corp. finished 1.04% down to C$17.20 in active trading on the Toronto Stock Exchange. The company announced a development plan that targets a free cash flow increase of C$840 million to a total of C$3.05 billion over the next five years.

Northwest Natural Holding Co. shares rose 2.00% on strong volume to close at $68.82. Subsidiary Northwest Natural Gas Co. completed a natural gas storage expansion project that will provide underground storage services for Portland General Electric Co.'s gas-fired power plants in Oregon.

Among other oil and gas companies, Occidental Petroleum Corp. declined 4.12% to end at $49.77, Halliburton Co. lost 3.97% to finish at $21.29 and Valero Energy Corp. dropped 3.39% to settle at $70.40, all in robust trading.

The S&P 500 Energy Sector was down 1.61% to 432.10, while the Alerian MLP Index saw a 0.46% decrease to 243.83.

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