Slide in energy stocks push Wall Street lower

- Wall Street’s main indexes slipped on Thursday, as a slide in energy stocks added to the gloom after the Federal Reserve dampened expectations of an interest rate cut this year.

Adding to woes, oil prices slid on record U.S. crude production that led to a surge in inventories, dragging the energy index 1.06% lower, the most among the major S&P sectors. [O/R] “There is just a genuine lack of catalysts, now that most of the big names have reported there is no real driver.” More than 350 of the S&P 500 companies have reported so far, and analysts now expect earnings to rise 0.7%, compared with a 2% fall estimated at the beginning of April, according to Refinitiv data.

Among decliners, Dow Inc, the commodity chemicals division spun off from DowDuPont Inc, tumbled 5.42% after reporting a 24 percent fall in core earnings.

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