Energy stocks slumped towards bear market territory after an escalation in the U.S.-China trade dispute dragged the stock market lower.
The S&P 500 energy sector finished Tuesday's session down 18.7% from its 52-week high, putting it near bear market territory.
Escalating U.S.-China trade tensions sank stocks on Tuesday and threaten to sap demand for energy supplies. The energy sector continues to struggle to break out amid uncertainty around future oil prices and global demand for crude.Energy stocks are on the cusp of falling into a bear market after a sudden escalation in the U.S.-China trade dispute dragged the stock market lower on Tuesday.finished the day down 18.7% below its 52-week high. It was the only sector to end the day in correction territory, meaning it closed 10% or more below its 52-week high.
Tuesday's slump highlights the energy sector's continued struggle to break out amid uncertainty around future oil prices and global demand for crude. The energy sector is up 11% this year, outperforming utilities, materials and health care but trailing high fliers like technology and consumer discretionary stocks by a wide margin.
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