- The S&P 500 is looking to close the second day in a row in negative territory.
- Concho Resources Inc (CXO: NYSE) shares have the highest daily percentage gain.
- Financial stocks slide on poor prospects Wednesday.
The S&P 500 Index (SPX) It opened modestly higher on Wednesday, but reversed its direction under pressure from concerns that US lawmakers would fail to reach an agreement on coronavirus aid before the election. At time of writing, the SPX was down 0.7% on the day to 3,486 and was on track to close the second day in a row in negative territory.
S&P 500 Major Changes
Fueled by a Bloomberg report that claimed US oil producer ConocoPhillips was in talks to buy Concho Resources Inc (CXO: NYSE), CXO rose higher on Wednesday and was last seen gaining 12% on the day at $ 49.39 .
Among the other top energy stocks, Cimarex Energy Co (XEC: NYSE), Apache Corp (APA: NASDAQ), Diamondback Energy Inc (FANG: NASDAQ) and Baker Hughes Co (BKR: NYSE) gained between 4.95% and 4.2%.
On the other hand, financial stocks are falling sharply as major banks remain concerned about the uncertainty surrounding the economic recovery and the negative impact of the coronavirus crisis on credit losses. At the moment, shares of Wells Fargo & Co (WFC: NYSE) and Bank of America Corp (BAC: NYSE) have fallen 5.3% and 4.2%, respectively, as the main daily declines of the day.
Credits: Forex Street
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