Markets Fall at Midday, Pulled Lower by Energy Stocks

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Markets opened the shortened trading week on Tuesday, June 20, 2023 with losses.
Oil stocks sank with the price of crude. Solar energy stocks fell as well.
Homebuilder stocks advanced following a strong May housing report.

U.S. equities began the holiday-shortened trading week lower at midday, dragged down by energy stocks. The Dow dropped 300 points, and the S&P 500 and Nasdaq were down as well.

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Oil futures tumbled, sending shares of producers such as Chevron (CVX) and APA (APA) and oilfield services providers Halliburton (HAL) and Baker Hughes (BKR) lower. Solar companies SolarEdge Technologies (SEDG) and Enphase Energy (ENPH) were the worst-performing stocks in the S&P 500.

Intel (INTC) shares slipped after the chipmaker said it was almost doubling its investment in a German production site. Shares of Boeing (BA) dropped after rival Airbus won a record plane order from India’s IndiGo airline.

Shares of D.R. Horton (DHI) and rival homebuilders advanced as the Commerce Department reported housing starts and building permits jumped more than expected in May. Tesla (TSLA) shares gained after electric truck maker Rivian (RIVN) reportedly joined several others in agreeing to use Tesla’s charging station standard. Shares of DICE Therapeutics (DICE) and Eli Lilly (LLY) rose on Lilly’s purchase of the biopharma company.

Gold prices sank. The yield on the 10-year Treasury note fell. The U.S. dollar increased versus the euro and pound, but lost ground to the yen. Bitcoin, Ether, and Solana traded higher, but most other major cryptocurrencies traded in the red.

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