Chesapeake Energy (CHK), an American petroleum and natural gas exploration and production company, was the top loser of the S&P 500 on December 27. Chesapeake Energy broke its two-week long losing streak last week and started this week on a stronger note by surging to a three-week high on Tuesday.
Chesapeake Energy opened higher on Wednesday but lost strength as the day progressed amid dented sentiment. Recently, Chesapeake Energy regained strength amid strength in crude oil prices and increased crude oil production. But the stock’s upward movement is limited by the weakness in natural gas price trends. Because Chesapeake Energy is predominantly a natural gas producer, the weakness in natural gas prices is offsetting the positive momentum from strong crude oil prices. On December 27, Chesapeake Energy fell 3% and closed the day at $3.88. Chesapeake Energy is a part of the S&P 500 Energy Index, which fell 0.32% on December 27.
Viacom B (VIAB), an American multinational media conglomerate, was among the S&P 500’s top losers on Wednesday. Viacom B rose for seven consecutive trading weeks and surged to a five-month high last week.
Despite a strong performance for almost two months, Viacom B started this week on a weaker note and declined on Wednesday. Profit booking at elevated levels along with dented market sentiment due to the poor performance of the movie Downsizing at the box office are weighing on Viacom B this week. On December 27, Viacom B fell 2.8% to $30.98. Viacom B is a part of the S&P 500 Consumer Discretionary sector, which fell 0.19% on December 27.