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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.

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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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