Why Chevron, Devon, and ExxonMobil Stocks Keep Falling
Stock markets are zigzagging early on Monday after the government's closure of two midsize, tech-focused banks in recent days and as trading in another four regional banks has been halted this morning. Investors aren't certain whether the government's swift action will stem the crisis or not, and as of 10 a.m. ET most stock indexes were still mixed.
Uncertainty isn't limited to the banking sector, either. Oil stocks were down modestly as well, with Chevron (NYSE: CVX) stock slipping 1.9%, ExxonMobil (NYSE: XOM) off 2.4%, and Devon Energy (NYSE: DVN) down 3.4%.
Silicon Valley Bank bought too many long-dated Treasuries in a rising interest rate environment, and then had to sell some of them at a loss in order to pay back its depositors. What does that have to do with the energy sector? Why is it taking any toll at all on oil stocks?
Source Fool.com
