The gap down at the open has the stock market positioned for its fourth straight loss after advancing in seven of the eight previous trading days.
Energy stocks have been a heavy burden all week. The sector is down almost 7% week to date. Of course, that has come amid a 7% week-to-date drop in oil prices, which were recently quoted at $105.75 per barrel for a 3.2% loss today.
Transocean (RIG 67.36, -1.10), Murphy Oil (MUR 69.99, -3.25), Pride International (PDE 41.63, +0.05), and Frontier Oil (FTO 25.05, -0.07) are among the latest energy plays to post quarterly results. Pride International is the only company in the group that offered up results which came short of the consensus earnings estimate.