Why ExxonMobil Stock Was Slipping Today
Shares of ExxonMobil (NYSE: XOM) were pulling back today as oil prices fell sharply on concerns about a slowdown in China's economy.
As of 10:52 a.m. ET, Exxon stock was down 3.3%. At the same time, West Texas Intermediate oil prices were down 3.9% to just below $89.
China's central bank issued a surprise interest rate cut this morning, a sign it's worried about a recession, and home prices fell for the 11th month in a row in July. Additionally, Chinese retail sales growth slowed in June, and youth unemployment reached its highest level since 2018 -- all signs that show China's economic reopening faltering after strict lockdowns this spring.
Source Fool.com