NEW YORK (TheStreet) -- Energy and retail stocks were pulling stock markets lower on Monday as Black Friday sales fizzled and crude oil prices fell to five-year lows.
Fewer consumers turned out for the deep discounts over the Thanksgiving weekend with total sales down 11% to $50.9 billion, according to the National Retail Federation. Total shopper turnout for the weekend missed estimates by 6 million people. On the upside, online shopping jumped 15% over the year-earlier period, a strong sign for Cyber Monday.
"It may be Black Friday fatigue. Some of the broader consumer trends remain fairly robust," said David Bechtel, principal of Barrow Funds, in a call. "By the same token, domestically we have ever-increasing levels of debt. The amount of private sector and government sector debt outstanding today is far above the levels that existed prior to the financial crisis. At some level that's going to restrain further consumer spending."
Oil prices seemed to have stabilized by Monday morning, rising 1.7% after a 7% drop on Friday. West Texas Intermediate crude hovered at $67.27 a barrel, around 38% lower than a mid-year high point, after OPEC said last week it would not constrain production to address oversupply and soft demand.
The slide in crude has hit oil companies hard. Over the past three months, Exxon Mobil (XOM) has dropped 9%, ConocoPhillips (COP) has fallen 19%, Hess (HES) has tumbled 28%, and Chevron (CVX) has declined 16%. The Energy Selector Sector SPDR ETF (XLE) has fallen nearly 20%.