Stocks dip as oil prices and energy companies fall sharply – the blade 4 gases in the atmosphere besides oxygen and nitrogen

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The drop in the price of oil has meant sharp losses for energy companies, but it gave airlines a boost as investors anticipated lower fuel costs. Bond yields declined again, which hurt banks but helped dividend-payers like household goods makers.

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said energy companies and oil prices had made big gains lately and were due to slow down. He said the growing global economy is going to help the industry in the longer term.

“If you look at the sectors that are outperforming, it’s those that tend to be pro-growth,” he said, especially technology and consumer-focused companies. Over the last month that growth, and the strong company profits that come with it, have not translated into gains for stocks. Sandven said that could change when companies start reporting their second-quarter results in July.

The S&P 500 index slid 6.43 points, or 0.2 percent, to 2,721.33. The Dow Jones industrial average fell 58.67 points, or 0.2 percent, to 24,753.09. The Nasdaq composite climbed 9.42 points, or 0.1 percent, to 7,433.85 as consumer-focused companies moved higher. The Russell 2000 index of smaller-company stocks lost 1.29 points, or 0.1 percent, to 1,626.93.

U.S. crude dropped to $67.88 a barrel in New York. Brent crude, used to price international oils, fell 3 percent to $76.44 a barrel in London. Increased oil production and lower prices could reduce profits for energy companies. Exxon Mobil fell 1.9 percent to $78.71 and Chevron gave up 3.5 percent to $122.19.

Among airlines, Delta gained 2.7 percent to $55.87 and American rose 3.1 percent to $44.91. The stocks have skidded over the last few months as the rising price of oil increased their fuel costs and cut into their profits. Delta stock is flat in 2018 and American Airlines has fallen 14 percent.

The falling yields helped household goods makers break out of their recent struggles. Toothpaste maker Colgate-Palmolive added 2 percent to $63.75 and cereal maker Kellogg rose 2.7 percent to $65.23. The stocks, and others that pay large dividends, have lagged behind the rest of the market as investors found technology firms and consumer-focused companies more attractive thanks to signs of strong growth in the U.S. economy.

Gap dropped 14.6 percent to $28.15 following a drop in sales for Gap brand stores. Gap has been shifting focus away from the namesake brand because it’s not connecting with shoppers and has struggled to separate itself from rivals. Its Old Navy and Banana Republic brands fared better. Elsewhere, discount retailer Ross Stores gave up 6.8 percent to $77.34 after it gave disappointing forecasts for the current quarter and the full year.

Foot Locker blew past estimates and said sales of premium shoes continue to improve, which has been a major concern for it and other sporting goods companies. The stock jumped 20.2 percent to $54.74. Shoe Carnival leaped 20.7 percent to $31.80 after it beat expectation in the first quarter. It, too, said athletic shoe sales improved.

Fiat Chrysler fell 2 percent to $21.82 after saying it’s recalling 4.8 million vehicles in the U.S. because in rare circumstances drivers may not be able to turn off the cruise control. The company warned owners not to use cruise control until the vehicles can be fixed with a software update. Drivers can still stop the cars using the brakes.

Germany’s DAX rose 0.6 percent and the CAC 40 in France fell 0.1 percent. Britain’s FTSE 100 rose 0.2 percent. Japan’s benchmark Nikkei 225 index rose 0.1 percent and South Korea’s Kospi lost 0.2 percent. Hong Kong’s Hang Seng shed 0.6 percent.

The drop in the price of oil has meant sharp losses for energy companies, but it gave airlines a boost as investors anticipated lower fuel costs. Bond yields declined again, which hurt banks but helped dividend-payers like household goods makers.

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said energy companies and oil prices had made big gains lately and were due to slow down. He said the growing global economy is going to help the industry in the longer term.

“If you look at the sectors that are outperforming, it’s those that tend to be pro-growth,” he said, especially technology and consumer-focused companies. Over the last month that growth, and the strong company profits that come with it, have not translated into gains for stocks. Sandven said that could change when companies start reporting their second-quarter results in July.

The S&P 500 index slid 6.43 points, or 0.2 percent, to 2,721.33. The Dow Jones industrial average fell 58.67 points, or 0.2 percent, to 24,753.09. The Nasdaq composite climbed 9.42 points, or 0.1 percent, to 7,433.85 as consumer-focused companies moved higher. The Russell 2000 index of smaller-company stocks lost 1.29 points, or 0.1 percent, to 1,626.93.

U.S. crude dropped to $67.88 a barrel in New York. Brent crude, used to price international oils, fell 3 percent to $76.44 a barrel in London. Increased oil production and lower prices could reduce profits for energy companies. Exxon Mobil fell 1.9 percent to $78.71 and Chevron gave up 3.5 percent to $122.19.

Among airlines, Delta gained 2.7 percent to $55.87 and American rose 3.1 percent to $44.91. The stocks have skidded over the last few months as the rising price of oil increased their fuel costs and cut into their profits. Delta stock is flat in 2018 and American Airlines has fallen 14 percent.

The falling yields helped household goods makers break out of their recent struggles. Toothpaste maker Colgate-Palmolive added 2 percent to $63.75 and cereal maker Kellogg rose 2.7 percent to $65.23. The stocks, and others that pay large dividends, have lagged behind the rest of the market as investors found technology firms and consumer-focused companies more attractive thanks to signs of strong growth in the U.S. economy.

Gap dropped 14.6 percent to $28.15 following a drop in sales for Gap brand stores. Gap has been shifting focus away from the namesake brand because it’s not connecting with shoppers and has struggled to separate itself from rivals. Its Old Navy and Banana Republic brands fared better. Elsewhere, discount retailer Ross Stores gave up 6.8 percent to $77.34 after it gave disappointing forecasts for the current quarter and the full year.

Foot Locker blew past estimates and said sales of premium shoes continue to improve, which has been a major concern for it and other sporting goods companies. The stock jumped 20.2 percent to $54.74. Shoe Carnival leaped 20.7 percent to $31.80 after it beat expectation in the first quarter. It, too, said athletic shoe sales improved.

Fiat Chrysler fell 2 percent to $21.82 after saying it’s recalling 4.8 million vehicles in the U.S. because in rare circumstances drivers may not be able to turn off the cruise control. The company warned owners not to use cruise control until the vehicles can be fixed with a software update. Drivers can still stop the cars using the brakes.

Germany’s DAX rose 0.6 percent and the CAC 40 in France fell 0.1 percent. Britain’s FTSE 100 rose 0.2 percent. Japan’s benchmark Nikkei 225 index rose 0.1 percent and South Korea’s Kospi lost 0.2 percent. Hong Kong’s Hang Seng shed 0.6 percent.