In the week ending March 22, oilfield services stock McDermott International (MDR) fell the most among the energy stocks under review in this series, which include the following ETFs:
- the Alerian MLP ETF (AMLP)
- the Energy Select Sector SPDR ETF (XLE)
- the VanEck Vectors Oil Services ETF (OIH)
- the VanEck Vectors Oil Refiners ETF (CRAK)
- the SPDR S&P Oil & Gas Exploration & Production ETF (XOP)
In addition to US energy companies, a few foreign-headquartered integrated energy companies listed in the United States are also under review including Imperial Oil (IMO) and China Petroleum & Chemical (SNP).
Diamond Offshore Drilling (DO) and Oil States International (OIS) were the second and fourth-highest losses among energy stocks. For oilfield services stocks, the contraction in the US oil rig count might be a concern for investors. Last week, the oil rig count fell by nine to 824—the lowest level since April 20, 2018.
Upstream stock Murphy Oil (MUR) was the fifth-largest loss among energy stocks last week, despite a small rise of 0.4% in US crude oil. On March 22, S&P moved Murphy Oil to credit watch “negative” from “stable.” On the same day, Murphy Oil stock fell 7.9%, while US crude oil futures fell 1.6%.
Micron (MU) is the largest US manufacturer of DRAM (dynamic random-access memory) and NAND (negative AND) memory chips.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.
The US equity markets have come under pressure this month because of the ongoing US-China trade war.