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Stocks dip as energy shares fall

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Stocks dip as energy shares fall

Stocks dip as energy shares fall

Wall Street ended down slightly on Wednesday, with bank stocks declining as prospects of a U.S. interest rate cut rose and energy shares tumbling along with oil prices.

Fred Katayama reports.


Stocks dip as energy shares fall

Tumbling energy and financial stocks pulled down the major indexes Wednesday.

But a weak reading on inflation cushioned the losses.

The S&P 500 shed just a fifth of a percent.

Spartan Capital Securities chief market economist, Peter Cardillo, says economic growth concerns also dog investors: SOUNDBITE: SPARTAN CAPITAL SECURITIES CHIEF MARKET ECONOMIST, PETER CARDILLO, (ENGLISH) SAYING: "The big problem I think that the market is worried about is are we headed for a real slowdown in economic growth, possibly even a recession in 2020." Consumer prices edged up 0.1 percent in May.

The weak data backed the case for the Federal Reserve to cut interest rates.

That hurt interest-sensitive bank stocks like Wells Fargo and JPMorgan Chase.

President Donald Trump said on Tuesday he was holding up a trade deal with Beijing.

Chip stocks, which get a chunk of their revenue from China, fell.

Among them: Intel and Micron Technology.

Crude prices fell, dragging down Exxon Mobil, Chevron, and other energy stocks.

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