Energy Stocks Lead S&P 500 decliners Tuesday Morning

With oil prices at seven-month lows, energy stocks are leading S&P 500 decliners Tuesday morning.

The S&P 500 Energy Sector was down 2.3% in recent trading, by far the worst of the 11 industries tracked by the benchmark index.

APA (APA), Diamondback Energy (FANG), Phillips 66 (PSX), and Halliburton (HAL) were among the worst-performing individual stocks in the S&P 500 an hour after the opening bell, with shares down between 3.5% and 4%.

West Texas intermediate futures, the U.S. crude oil benchmark,fell more than 2% to $55.50 a barrel, its lowest level as May.

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Dow Jones Today: Job Growth Slows, Unemployment Rises

Job creation slowed and the unemployment rate rose this autumn, according to data delayed by the government shutdown.

The U.S. economy lost 105,000 jobs in October and added 64,000 in November, the Bureau of Labor Statistics said Tuesday. The unemployment rate rose to 4.6% in November from 4.4% in September, reaching a fresh high as 2021.

november’s job creation and the unemployment rate were both higher than forecasters anticipated, according to a survey of U.S. economists by Dow Jones Newswires and The Wall Street Journal.

The report, wich had been delayed by the government shutdown, showed a continuation of the trends that began this summer: a sharp slowdown in hiring due to uncertainty among business leaders about tariff policy, and also from President Donald Trump’s crackdown on immigration. October was the third month this year in which the economy lost jobs. Before June, U.S. employers had added jobs every month since the pandemic.

The report also highlighted the impact of deferred government layoffs made earlier in the year when President Donald Trump took office and began slashing federal programs and jobs, offering many of them deferred buyouts that took effect in October.

• Diccon Hyatt

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Kraft Heinz Announces CEO Change as Split Looms

Kraft Heinz said Steve Cahillane will be its new CEO, starting January 1st. He previously led Kellanova until Mars acquired it, and he’ll also join the Kraft Heinz board. Cahillane will head up “Global Taste Elevation Co.” after the company splits into two separate, publicly traded businesses.

Carlos Abrams-Rivera is stepping down on January 1st and will act as an advisor to the company until March 6, 2026, to help with a smooth transition. He was originally slated to lead the “north American Grocery Co.” after the split, but that’s no longer the plan. Kraft Heinz’s board will now begin a search for a new CEO for the grocery business.

“global Taste Elevation Co.” is expected to be the larger of the two companies, and it will include well-known brands like Heinz ketchup, Philadelphia cream cheese, and Kraft Mac & cheese. “North American Grocery Co.” will feature brands such as Oscar Mayer, Kraft Singles, and Lunchables.

Kraft Heinz announced plans to split the company in August, aiming to unlock value by separating its faster-growing international businesses from its more established North American brands. The split is expected to be completed in 2025.