The market’s slump continues for a third straight day, and the Dow Jones Industrial Average (INDEXDJX:.DJI) is back in the red again, with Chevron Corporation (NYSE:CVX) stock leading the index down. The blue-chip index has dipped back below 15,000 after surging to record highs last month, down 31 points as of 2:20 p.m. EDT. Stocks are down across nearly every industry today. Should you be worried, or are Wall Street’s jitters just a temporary fluctuation this week?
Wall Street frowns, markets down
Tomorrow marks the release of May’s job reports, and despite the decline in weekly jobless claims reported today, investors are showing anxiety about the pace of the U.S. economy’s improvement. Unfortunately, Wall Street’s polarizing views could mean disappointment for stocks no matter how good — or bad — the jobs picture looks. Poorer-than-expected jobs growth in May would indicate an economy struggling to get on its feet, while strong jobs growth could make Wall Street fret that quantitative easing could be slowed down soon.
Whatever the result, one thing is clear: This is a time when it’s especially important not to follow the herd.
That’s all Chevron Corporation (NYSE:CVX)’s stock has done today, however, falling along with the broader energy sector. Strangely, Chevron’s stock is on the downswing despite a release of good news. The Supreme Court of Argentina unfroze Chevron’s assets in the South American nation, lifting an earlier embargo that had gone on for months. Chevron Corporation (NYSE:CVX) is looking to team up with Argentinian state-run energy firm YPF SA (NYSE:YPF) in developing the Vaca Muerta shale field, the world’s second-largest shale-oil basin.
Argentina is anything but a stable business environment right now, but Chevron Corporation (NYSE:CVX)’s pouring a significant investment into the deal with YPF SA (NYSE:YPF). Bloomberg estimates that the companies’ venture could amount to a $15 billion investment in total.
A few stocks are defying the Dow’s drop today, and Pfizer Inc. (NYSE:PFE) ranks among the index’s leaders, with shares gaining 2.1% so far. Today the company offered $25 million in upfront payments to small biotech firm CytomX for the development of cancer-fighting antibody therapies. CytomX could make more than $600 million in milestone payments if the deal meets all its goals, and success would mean even more strength for Pfizer’s already substantial pipeline as the company lays the groundwork for its future financial foundation.