On Wednesday, energy companies dragged on the market as the price of oil continued its downward trend. After posting lower-than-expected results on Tuesday, Devon Energy saw its stock price fall by 12 percent, the most of any company in the S&P 500.
The Dow was dragged down by 1.5% because of Chevron’s performance. With a 3.43 percent drop, Diamondback Energy was among the Nasdaq’s worst performers.
The Energy Select Sector SPDR Fund fell 2.34 percent.