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Updated from 1:36 p.m. ET, Tuesday, June 20.

Stocks declined on Tuesday, June 20, as a steep selloff in crude oil sent energy names spiraling lower. 

The S&P 500 fell 0.47%, the Dow Jones Industrial Average was down 0.12%, and the Nasdaq declined 0.5%. The S&P 500 and Dow pulled away from records set a day earlier. 

Crude oil prices came back from session lows, though remained sharply lower as worries over global oversupply continued. Weekly domestic inventories data from the American Petroleum Institute will be released Tuesday afternoon, while official data from the Energy Information Administration is set for Wednesday, June 21. Declines in U.S. inventories in the previous week were not as steep as anticipated, setting off sharp selloffs last week. 

West Texas Intermediate crude for July delivery was down 2.2% to $43.23 a barrel on Tuesday. The descent puts crude in bear market territory, having fallen roughly 20% from its Feb. 21 high. 

"Unless we see a marked reduction in crude stockpiles, the possibility of further short-term falls in the price of oil cannot be ruled out," said Fawad Razaqzada, market analyst at, in a note. "In the slightly longer-term outlook, however, I expect the price of oil to regain its poise again. Although not very effective yet, the impact of the [Organization of Petroleum Exporting Countries'] deal with Russia will take time to filter through. As the global disparity between demand for and supply of oil reduces in the coming months, prices should begin to recover."

The energy sector was the worst performer on Tuesday. Major decliners include Exxon Mobil Corp. (XOM) - Get Exxon Mobil Corporation Report , Schlumberger Ltd. (SLB) - Get Schlumberger N.V. Report , Chevron Corp. (CVX) - Get Chevron Corporation Report , Halliburton Co. (HAL) - Get Halliburton Company Report  and Royal Dutch Shell PLC  (RDS.A) , while the Energy Select Sector SPDR ETF (XLE) - Get The Energy Select Sector SPDR Fund Report decreased 1.6%. 

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Wall Street began the week with big gains on Monday, June 19, as a rebound in tech names pushed the Dow Jones Industrial Average and S&P 500 to reach new all-time closing records. Tech stocks rebounded on Monday in a reversal from a selloff early last week. Apple Inc. (AAPL) - Get Apple Inc. Reportdrove the Dow higher, while Amazon Inc. (AMZN) - Get Inc. Report struck a new intraday record.

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Monday's record was the Dow's second in a row. The blue-chip index has hovered at all-time highs in recent weeks following an upbeat first-quarter earnings season and heading into the Federal Reserve's decision earlier in June to hike interest rates. The Dow and S&P 500 were on track to secure all-new highs by market close.

House Speaker Paul Ryan said Tuesday that tax reform in the U.S. would get done by the end of 2017. Ryan called on Congress to seize its "once-in-a-generation moment" to enact "transformational tax reform" in 2017 in remarks delivered at a conference held by the National Association of Manufacturers on Tuesday. 

"We are going to get this done in 2017. We need to get this done in 2017. We cannot let this once-in-a-generation moment slip," Ryan said. "Transformational tax reform can be done, and we are moving forward. Full speed ahead."

At the same event, Vice President Mike Pence said Republicans would pass an Obamacare replacement by the end of summer and "tax cuts" this year, and Treasury Secretary Steven Mnuchin promised "massive tax reform" by the New Year in an interview with CNBC.

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Further steps have to be taken to prevent a future housing crisis, Federal Reserve Vice Chairman Stanley Fischer said at a conference in Amsterdam earlier Tuesday. Fischer said that since the 2007-2009 financial crisis in the U.S., "the core of the financial system is much stronger, the worst lending practices have been curtailed, much progress has been made in processes to reduce unnecessary foreclosures." But to prevent a new crisis, Fischer said that governments should do more, including stress tests for banks on their resilience should house prices decline dramatically, and making it easier to avoid foreclosures, Reuters reported.

Boston Fed President Eric Rosengren struck a hawkish tone in a speech titled "Bad Zero: Financial Stability in a Low Interest Rate Environment" at the DNB-Riksbank Macroprudential Conference Series in Amsterdam. Rosengren said a low interest-rate environment introduces risk to financial stability and makes addressing recessions with policy harder.

It's a busy week of Fed speeches in the days following the central bank's decision to raise interest rates for the second time in a year. The Fed hiked rates by 25 basis points at its meeting on Wednesday, June 14, a decision widely anticipated. The central bank views softening inflation trends as merely transitory and anticipates another interest rate hike before the year is out. 

It is day two of discussions in Brussels between negotiators from the U.K. and the European Union. Parties from both are determining the details of the U.K.'s plan to remove itself from the soon-to-be 27-country bloc. Negotiators have until May 2019 to agree on new deals on trade, immigration, and financial commitments, among other issues, before the U.K. officially leaves the EU. 

Cable companies were under pressure Tuesday after longtime bull Craig Moffett of MoffettNathanson downgraded the sector to neutral from overweight. Moffett also downgraded Comcast Corp. (CMCSA) - Get Comcast Corporation Class A Common Stock Report to neutral from buy while maintaining his neutral rating on Charter Communications Inc. (CHTR) - Get Charter Communications Inc. Report . Moffett said in a note that "the rate of broadband growth will inevitably slow, and likely at precisely the same time that video growth rates are also under pressure."

Tesla Inc. (TSLA) - Get Tesla Inc. Report  rose 0.5% on Tuesday on a report the electric-vehicle maker could open a new production facility in China. Bloomberg reported that Tesla could reach a deal with officials in China to build a new plant in the Lingang development zone near Shanghai, but would first need to arrange a joint-venture agreement with a local manufacturer in order to comply with Chinese law. The agreement could come as soon as this week, Bloomberg reported, citing people familiar with the matter.

Parexel International Corp. (PRXL) agreed on Tuesday to be acquired by Pamplona Capital Management in a deal worth $5 billion. Private-equity firm Pamplona offered $88.10 a share in cash, valuing Parxel at a 5% premium to its Monday close. However, that premium rises to nearly 28% when compared to share prices before rumors of a possible deal broke in early May. Parexel rose 4%. 

Lennar Corp. (LEN) - Get Lennar Corporation Class A Report added 2.1% after topping profit and sales estimates over its second quarter. The homebuilder earned 91 cents a share, far higher than consensus of 79 cents. Revenue of $3.26 billion exceeded analysts' targets of $2.81 billion. Deliveries increased 15%, while new order value climbed 17%. 

Goodyear Tire & Rubber Co.  (GT) - Get The Goodyear Tire & Rubber Company Report  declined after Jefferies upgraded its rating to buy from hold. Analysts said the company will likely see higher volume and better cash returns.  

Ford Motor Co. (F) - Get Ford Motor Company Reportannounced plans to invest $900 million in a Kentucky plant that will produce Lincoln Navigator and Ford Expedition models. The facility will include 1,000 new hourly jobs. Ford also said its next-generation Ford Focus would be sourced largely out of China, rather than Mexico, as it increases manufacturing scale in the country. The change in production plans will help save Ford $1 billion in investment costs. 

Chipotle Mexican Grill Inc. (CMG) - Get Chipotle Mexican Grill Inc. Report fell 7% after warning of tighter profit margins in the current quarter as it invests heavily in marketing. The burrito chain anticipates marketing and promotion costs to rise by 20 to 30 basis points in the second quarter compared to the first. Chipotle has been trying to rehabilitate its image in the past 18 months after a food-safety crisis plagued its stores in late 2015. 

McDonald's Corp. (MCD) - Get McDonald's Corporation Report  rose 0.6% on Tuesday after Cowen & Co. upgraded its rating on the stock to outperform from market perform and raised its price target to $180 from $142. Analysts' optimism was based on higher U.S. same-store sales tied to mobile ordering initiatives. 

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