The energy sector was taking a broad beating Tuesday, as crude oil prices continued their recent plunge below $100 a barrel. The SPDR Energy Select Sector ETF slumped 3.3% in afternoon trading, and was the only SPDR ETF tracking the 11 S&P 500 sectors to be declining, while the S&P 500 rallied 1.4%. Leading the ETF lower, shares of Valero Energy Corp. dropped 6.5%, Baker Hughes Co. slumped 4.9%, Exxon Mobil Corp. slid 4.9%, Chevron Corp. shed 4.7% and Schlumberger NV fell 4.4%. The selloff in Schlumberger’s stock comes even after the oil services company announced before the opening bell that a “major contract award” by Saudi Aramco for integrated drilling and well construction services in a gas drilling project. Meanwhile, continuous crude oil futures sank 6.0% to $96.86, and have now tumbled 21.7% since closing at a March 8 peak of $123.70, as widespread COVID-19-related lockdowns in China are raising worries of a potential drop in demand.
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