U.S. Stocks Fall as Energy Shares Decline Amid Greek Debt Talks

Strategic Insights -

U.S. stocks fell Thursday, led by a decline in energy shares, as investors watched for a breakthrough in Greek debt talks. The Standard & Poor's 500 Index slipped 0.3 percent to 2,102.31 at 4 p.m. in New York, with the Dow Jones Industrial Average falling 0.4 percent and the Nasdaq Composite Index losing 0.2 percent. Transocean Ltd. and Chesapeake Energy Corp. slid more than 3.7 percent as oil prices retreated, while Netflix Inc. lost 2.1 percent after an analyst downgrade.

Key Takeaways:

  • U.S. stocks fell Thursday, with the S&P 500 Index slipping 0.3 percent to 2,102.31, marking a second consecutive day of decline.
  • Energy shares led the decline, with Transocean Ltd. and Chesapeake Energy Corp. falling more than 3.7 percent as oil prices slipped back below $60 a barrel.
  • The Dow Jones Industrial Average fell 0.4 percent, or 75.71 points, to 17,890.36, with the Nasdaq Composite Index losing 0.2 percent to 5,027.53.
  • The S&P 500 is headed for a ninth week without a move of more than 1 percent, the longest streak since August 1993.
  • Health care shares rallied, with HCA Holdings Inc., Tenet Healthcare Corp., and Universal Health Services Inc. jumping at least 7.7 percent after the Supreme Court upheld a key component of President Obama's health care law.
  • Netflix Inc. lost 2.1 percent after Citigroup Inc. downgraded the stock to neutral from buy, with shares erasing a 3.7 percent gain after Carl Icahn said he sold his Netflix stake in a tweet.
  • Investors are awaiting a resolution to the Greek crisis while assessing data for clues on the timing of any Federal Reserve interest-rate increase.
  • The Chicago Board Options Exchange Volatility Index rose 5.7 percent to 14.01, a level 27 percent below this year's high.

Statistics:

  • 5.9 billion shares traded hands on U.S. exchanges, 4.7 percent below the three-month average.
  • The S&P 500 is headed for a ninth consecutive week without a move of more than 1 percent.
  • The Dow Jones Industrial Average fell 75.71 points, or 0.4 percent, to 17,890.36.
  • The Nasdaq Composite Index lost 0.2 percent to 5,027.53.
  • Transocean Ltd. and Chesapeake Energy Corp. fell more than 3.7 percent as oil prices retreated.
  • Netflix Inc. lost 2.1 percent after Citigroup Inc. downgraded the stock.
  • HCA Holdings Inc., Tenet Healthcare Corp., and Universal Health Services Inc. jumped at least 7.7 percent after the Supreme Court decision.

Sources:

  • Bloomberg News, "U.S. Stocks Fall as Energy Shares Decline Amid Greek Debt Talks"
  • Reuters, "Wall St falls as energy stocks decline"
  • CNBC, "Stocks Fall, Investors Eye Greek Debt Talks"