Investing.com – The Dow moved off session lows Thursday, but continued to nurse heavy losses, led by financials and energy, as plunging oil prices and trade-war jitters prompted a wave selling across Wall Street.
The fell 2%, but remained above its session lows of 24,242 so far. The fell 2%, while the fell 1%.
Energy led the selling on Wall Street as oil prices tumbled after OPEC members delayed a decision on output until after it meets with other non-OPEC producers on Friday, denting already fragile expectations for an agreement to reduce output aggressively.
U.S. , however, did find some reprieve, helping energy move off lows as the Energy Information Administration’s weekly petroleum data showed domestic crude supplies fell sharply. But U.S. production, which remained at record highs, staved off a more meaningful recovery in oil prices.
Exxon Mobil (NYSE:) fell 3%, Chesapeake Energy (NYSE:) fell 8.43% and Marathon Oil (NYSE:) fell 6%.
The arrest of Huawei Chief Financial Officer Meng Wanzhou in Canada, meanwhile, reportedly at the behest of U.S. officials, raised fears that the fragile trade war ceasefire between the United States and China may collapse, sending trade-sensitive sectors tumbling.
Industrials, home to trade bellwethers like Boeing (NYSE:) and Caterpillar (NYSE:), dropped more than 2%, keeping the broader market on the back foot.
Elsewhere bank stocks, which have come under pressure from an ongoing slump in U.S. government bond yields, were thrown into further turmoil after Citigroup (NYSE:) hinted at a profit warning on Wednesday.
Citigroup CFO John Gerspach said Wednesday the bank expects market revenue in the current quarter to be slightly lower than last year, sending the stock more than 5% lower.
Weakness in shares of Apple (NASDAQ:), meanwhile, resumed the wreck in tech after smartphone camera lens supplier Largan (TW:) reported a