Energy Stocks Slide as Oil Prices Plummet

Energy stocks took a hit on Tuesday as oil and gas prices slipped. The Energy Select Sector SPDR Fund, an energy stock ETF, fell 1.3% before the open. Oil benchmarks also moved lower: front-month West Texas Intermediate (WTI) crude dropped 3.5% to $77.57 a barrel, while Brent fell 2.8% to $81.39.

Natural gas futures slid 3.1% to $2.69 per 1 million British thermal units. This move had an impact on commodity-tracking funds like the United States Oil Fund and United States Natural Gas Fund, which also fell in step.

Some energy companies reported solid Q2 results, but this did little to offset the broader market trend. Energy Transfer rose more than 1% after posting higher Q2 earnings and revenue, while Marathon Petroleum fell more than 1% despite reporting higher Q2 adjusted earnings and revenue.