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The energy sector is off to a lower start pressured by weakness in the underlying commodities and in the major market indices. U.S stock futures slid as rising U.S. Treasury yields and interest rates weighed down on growth stocks amid fears of a sharp economic slowdown in China.
WTI (-$4.50 trading at $105.27) and Brent crude oil futures (-$4.51 trading at $107.88) are both down in early trading as a strong dollar and demand concerns from China’s prolonged COVID-19 lockdowns weighed on prices. China's export growth slowed to single digits, the weakest in almost two years, while imports grew 7% in April regardless of tighter and wider COVID-19 curbs which halted factory production. Refinery throughput last month is estimated to have fallen about 6%. A decline of that size has not been seen since the early days of the COVID-19 pandemic.
Dow futures pointing toward 550-point loss at Monday’s opening bell https://t.co/90GG3XFS19
— MarketWatch (@MarketWatch) May 9, 2022
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