US equities are being pulled down by the energy sector once again

US equities are being pulled down by the energy sector once again. The S&P 500 is off 1.1% and continues to retreat from record highs. The culprit is once again crude oil, with futures trading at just over $60 a barrel. Oil futures are down nearly 5% today on greater than expected supplies, as well as demand concerns brought forth by OPEC. Falling crude prices are hammering energy stocks, which are down over 4% today and over 9% for the week. Over the same week period the S&P 500 has only declined 1.75%. Clearly, energy is taking it on the chin relative to the broad market. Keep in mind, oil this cheap is generally good for the global economy, so outside of energy this decline should eventually result in higher overall stock prices, all things being equal.