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Stock Indexes Lose Ground; Was One Sector Mostly To Blame?

bull and bear statues at NYSE

(©Klaus Eppele-Fotolia/stock.adobe.com)

U.S. stock indexes slouched Tuesday but closed fairly high in the day's trading range.

The Nasdaq fell 0.3% after being down almost 0.8%, while the S&P 500 and the Dow Jones industrial average whittled off 0.3% and 0.2% respectively. The small cap Russell dropped 0.6%. Volume in the stock market today was lower on the Nasdaq and higher on the NYSE, according to preliminary data.

The higher volume on the NYSE may have been related to the energy sector.

In the S&P 500,  Pioneer Natural Resources (PXD) fell 3% in volume twice its normal pace. Marathon Oil (MRO) slid 3% in double volume. EOG Resources (EOG) trimmed 0.3% in volume 40% above average. Cimarex Energy (XEC) was little changed, but volume was two-thirds higher than usual. ConocoPhillips (COP) lost 2% in volume 53% higher than usual. Chevron (CVX) dropped 2% in volume 25% greater than average. Halliburton (HAL) fell 2% in volume about 45% above average. Helmerich & Payne (HP) cut 1% in 30% faster turnover. Transocean (RIG) spun 2% lower in volume 30% above average.

All of the above stocks are listed on the NYSE. West Texas intermediate crude oil dropped 1% to under $48 a barrel. The price of light sweet crude has dropped in nine of the past 11 sessions, slashing about 12% off the price.


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In the IBD 50, losers led winners by a 5-2 ratio.

Each of the five banking stocks in the Big Cap 20 fell, but volume was below average. The bank sector had been leading the market but recently fell to No. 4 among 33 sectors after months in either the No. 1 or No. 2 spot.

On Wednesday, the Federal Reserve will conclude its two-day meeting and announce its decision on interest rates.

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