Energy stocks spearheaded a market decline Friday, contributing significantly to losses across major indices. The downturn was largely attributed to growing anxieties surrounding the recent slide in oil prices, which put considerable pressure on energy companies’ valuations.

The Dow Jones Industrial Average fell by 1.2%, while the S&P 500 experienced a similar drop of 1.1%. The Nasdaq Composite also succumbed to the negative sentiment, declining by 0.9%.

Several major energy companies saw their stock prices tumble, including:

• ExxonMobil (XOM)
• Chevron (CVX)
• ConocoPhillips (COP)

Analysts suggest that the decline in oil prices is driven by a combination of factors, including increased production and concerns about weakening global demand. These factors are creating headwinds for the energy sector.

Beyond the energy sector, broader market sentiment was also affected by ongoing economic uncertainty. Investors remain cautious about the pace of economic growth and the potential for further interest rate hikes.