U.S. stocks are tumbling in the final hour of trading, with all 11 sectors of the S&P 500 selling off sharply as the index trades around its 2022 closing low that it hit in June. The energy sector is hardest hit with a loss of around 7% amid a drop in oil prices, according to FactSet data, at last check. The consumer discretionary sector was suffering the next biggest loss with a decline of around 3%, followed by a 2.8% drop in shares of materials companies in the index. The S&P 500 SPX, -1.72% was down 2.5% in late afternoon trading, FactSet data show, at last check.
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