Energy sector pummeled, all of the S&P 500’s sectors trade sharply lower

U.S. stocks are tumbling in the final hour of trading, with all 11 sectors of the S&P 500 selling off sharply as the index trades around its 2022 closing low that it hit in June. The energy sector is hardest hit with a loss of around 7% amid a drop in oil prices, according to FactSet data, at last check. The consumer discretionary sector was suffering the next biggest loss with a decline of around 3%, followed by a 2.8% drop in shares of materials companies in the index. The S&P 500 was down 2.5% in late afternoon trading, FactSet data show, at last check.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.