Stocks dip as oil prices and energy companies fall

Energy companies and oil prices took their worst losses in months Friday on reports OPEC countries plan to produce more oil soon. Stock indexes finished an indecisive week with small losses.

U.S. crude oil sank 4 percent after multiple reports indicated that Russia and OPEC could start producing more oil soon.

The drop in the price of oil has meant sharp losses for energy companies, but it gave airlines a boost as investors anticipated lower fuel costs.

Bond yields declined again, which hurt banks but helped dividend-payers like household goods makers.

Wall Street also focused on quarterly results from retailers. Gap plunged after it said its namesake brand is still struggling, but Foot Locker soared after it said sales of premium shoes improved.

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said energy companies and oil prices had made big gains lately and were due to slow down.

“If you look at the sectors that are outperforming, it’s those that tend to be progrowth,” he said, especially technology and consumer-focused companies. Over the last month that growth, and the strong company profits that come with it, have not translated into gains for stocks. Sandven said that could change when companies start reporting their second-quarter results in July.

U.S. markets will be closed Monday for the Memorial Day holiday.

Among airlines, Delta gained 2.7 percent to $55.87 and American rose 3.1 percent to $44.91. Delta stock is flat in 2018 and American Airlines has fallen 14 percent.

Bond prices kept rising. The yield on the 10-year Treasury note fell to 2.93 percent form 2.98 percent.

The falling yields helped household goods makers break out of their recent struggles. Toothpaste maker Colgate-Palmolive added 2 percent to $63.75 and cereal maker Kellogg rose 2.7 percent to $65.23.