Stock Market News
Midday Movers: Energy Stocks, Ford, Stellantis and More
2022.07.06 00:17
By Liz Moyer
Investing.com — U.S. stocks sank Tuesday on renewed recession fears. Here are the midday movers for July 5:
- Oil company shares tumbled after crude oil sold off sharply, weighed by global recession fears. Exxon Mobil Corp (NYSE:XOM) fell nearly 5%, while Chevron Corp (NYSE:CVX) fell 4%, and Marathon Oil Corporation (NYSE:MRO) fell more than 7%. Crude prices dropped 10% as of midday Tuesday.
- Solar energy stocks also fell, with crude oil falling back below $100 a barrel. Enphase Energy Inc (NASDAQ:ENPH) shares fell 6.2%, while SunPower Corporation (NASDAQ:SPWR) shares fell 3% and SolarEdge Technologies Inc (NASDAQ:SEDG) fell 5.5%.
- Ford (NYSE:F) stock fell nearly 4% to a new 52-week low on Tuesday after its second quarter new vehicle sales numbers fell short of expectations. Ford Motor Company’s sales rose 1.8% from the same period last year, while analysts expected sales to gain more than 3.3%.
- Stellantis NV (NYSE:STLA) shares fell more than 7% after the Fiat maker’s union reported Italy-based production could take a hit of about 220,000 vehicles because of the ongoing chip shortage.
- Dollar Tree Inc (NASDAQ:DLTR) rose 3.6% as economic uncertainty lifted shares of discount retailers.
