Home / Business / Energy companies pull back in early trading
Energy companies pull back in early trading
FILE - This Thursday, Oct. 2, 2014, file photo, shows the facade of the New York Stock Exchange. Global stocks slipped on Tuesday, March 8, 2016, amid renewed concern about China, which reported sharply weaker trade figures for February. The price of oil and other commodities stabilized after strong gains the day before. (AP Photo/Richard Drew, File)

Energy companies pull back in early trading

NEW YORK (AP) — Stocks are pulling back in early trading, led by declines in materials and energy companies.

Chesapeake Energy and Southwestern Energy each fell 9 percent in the first minutes of trading Tuesday.

Hamburger chain Shake Shack dropped 8 percent after delivering results and an outlook that disappointed investors.

Traders were also discouraged by weak trade figures from China.

The Dow Jones industrial average fell 90 points, or 0.6 percent, to 16,980 as of 9:35 a.m. Eastern time.

The Standard & Poor’s 500 index fell 14 points, or 0.8 percent, to 1,987. The Nasdaq composite gave up 37 points, or 0.8 percent, to 4,670.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.82 percent.

In related news, Chesapeake halts Marcellus and Utica drilling.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *