Sat. Sep 24th, 2022

© Reuters.

By Liz Moyer — U.S. stocks sank Tuesday on renewed recession fears. Here are the midday movers for July 5:

  • Oil company shares tumbled after sold off sharply, weighed by global recession fears. Exxon Mobil Corp (NYSE:) fell nearly 5%, while Chevron Corp (NYSE:) fell 4%, and Marathon Oil Corporation (NYSE:) fell more than 7%. Crude prices dropped 10% as of midday Tuesday.
  • Solar energy stocks also fell, with crude oil falling back below $100 a barrel. Enphase Energy Inc (NASDAQ:) shares fell 6.2%, while SunPower Corporation (NASDAQ:) shares fell 3% and SolarEdge Technologies Inc (NASDAQ:) fell 5.5%.
  • Ford (NYSE:) stock fell nearly 4% to a new 52-week low on Tuesday after its second quarter new vehicle sales numbers fell short of expectations. Ford Motor Company’s sales rose 1.8% from the same period last year, while analysts expected sales to gain more than 3.3%. 
  • Stellantis NV (NYSE:) shares fell more than 7% after the Fiat maker’s union reported Italy-based production could take a hit of about 220,000 vehicles because of the ongoing chip shortage. 
  • Dollar Tree Inc (NASDAQ:) rose 3.6% as economic uncertainty lifted shares of discount retailers.

By Rahul

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