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MARKETS LIVE BLOG:

STOCK FUTURES HOLD GAINS AFTER U.S. INFLATION DATA

Fed's preferred inflation gauge shows further signs of cooling in October

Why ExxonMobil, Occidental Petroleum, and Phillips 66 Stocks Just Dropped

Rich Smith, The Motley Fool
·3 min read
Why ExxonMobil, Occidental Petroleum, and Phillips 66 Stocks Just Dropped

It's Friday morning -- two days after the Federal Reserve raised interest rates 0.75%, and one day after seemingly every other central bank in the world followed suit, according to The Wall Street Journal -- and oil stocks are tanking. As of 9:50 a.m. ET, shares of oil company Occidental Petroleum (NYSE: OXY) are down 5.6%, while industry bellwether ExxonMobil (NYSE: XOM) is down a solid 6%, and refiner Phillips 66 (NYSE: PSX) is leading the pack lower with a 6.7% loss.

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