Shares of energy companies rose amid deal activity.
Gas-station operator Sunoco agreed to buy liquids terminal and pipeline operator NuStar Energy for about $7.3 billion in stock, including assumed debt.
Halliburton shares rose ahead of the Houston oil-services giant's quarterly earnings report.
Exxon Mobil is suing two sustainable investment firms -- Arjuna Capital and Follow This -- in a bid to block them from putting forward a shareholder proposal that would commit the oil company to further curb its greenhouse-gas emissions and target its customers' emissions. "Energy's the weakest performing sector so far in 2024," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. In the context of the last 24 months, however, energy may not be as much of a laggard as it seems at first blush, said the strategist.
"In '22, energy was the only game in town -- all other sectors were negative except for energy, which was up 66%." The sector is also benefiting from increased merger-and-acquisition activity, Joyce said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-22-24 1742ET
