NEW YORK (TheStreet) -- Stocks were sliding on Wednesday with the Dow Jones Industrial Average down triple-digits as crude oil prices fell to below $62 a barrel.
The Dow slipped 0.68%, or 121 points, putting it on track for its third consecutive day of losses. The S&P 500 slid 0.58%. The Nasdaq moved 0.65% lower.
West Texas Intermediate crude tanked 3.8% to $61.42 a barrel after OPEC warned that demand for oil in 2015 would hit 28.9 million barrels a day, its lowest point in 12 years.
"The downward revision reflects the upward adjustment of non-OPEC supply as well as the downward revision in global demand," OPEC said in its monthly report.
Oil giants Exxon Mobil (XOM) and Chevron (CVX) tumbled 2.5% and 3.1%, respectively, Marathon Oil (MRO) fell 3.6% and Phillips66 (PSX) was down 2.1%. The Energy Select Sector SPDR ETF (XLE) dropped 2.9%.
Small-cap Goodrich Petroleum (GDP) and Oasis Petroleum (OAS) slid after separately announcing plans to cut 2015 capital expenditures in half. Oil companies have been reassessing future projects in light of tumbling oil prices. Earlier in the week, ConocoPhillips (COP) announced it was cutting its 2015 capex budget by 20%.
Airlines enjoyed a fresh rally as the drop in gasoline prices fueled investor appetite for the sector. American Airlines (AAL) , Delta Air Lines (DAL) , United Continental (UAL) , JetBlue (JBLU) and Virgin America (VA) were all higher.
Disney (DIS) was also dragging on the Dow, down 0.71%, after Topeka Capital Markets downgraded the stock to a "hold" on a valuation call and after raising concerns a stronger dollar could deter global tourists from domestic parks.
Yum! Brands (YUM) tumbled more than 4% as guidance came in weaker than expected after Chinese same-store sales were hurt by a tainted meat scandal.
JPMorgan (JPM) slipped 1.7% after the Federal Reserve passed a proposal to impose risk-based surcharges on top global banks. Under the rules, JPMorgan would need to raise $22 billion to comply.
Costco (COST) shares were 1% higher after beating first-quarter earnings estimates and as comparable-store sales rose 5%. Hovnanian Enterprises (HOV) popped 5.6% as first-quarter earnings beat estimates.
Luxury homebuilder Toll Brothers (TOL) slipped slightly after fiscal fourth-quarter earnings rose but were below analysts' estimates.
-- Written by Keris Alison Lahiff in New York.