Key Highlights

● Energy eked out a small gain while nine sectors climbed more sharply.

● Exxon Mobil slipped and Chevron edged lower.

● Occidental reported adjusted Earnings of $1.91 a share.

● Kodiak Gas Services jumped on a record quarter.

Monday, November 9, 2026, was a rare day of near-universal gains on Wall Street. All 11 sectors of the S&P 500 finished higher, and 423 of the index's members rose. But energy brought up the rear.

According to news reports, energy was the laggard sector, eking out only a small gain while nine of the 11 sectors climbed more sharply. Industrials led the way, followed by consumer discretionary and technology. Another market recap also listed utilities among the day's laggards.

The reason was simple: oil prices fell hard.

Crude's continued collapse

Brent crude dropped $5.75 to settle at $92.57 a barrel, according to market coverage, while December West Texas Intermediate fell $3.98 to $86.85, reports said. Market data said oil posted its lowest close since August. Brent had traded above $112 at the start of November, reports noted.

The slide came on growing hopes for a US-Iran peace deal. President Donald Trump said that renewed strikes on Iran were "highly unlikely" if talks progress, reports said, while reports citing Israeli media said an unconfirmed Qatari-brokered deal to reopen the Strait of Hormuz.

When crude prices fall, oil producers earn less for every barrel they pump, which directly pressures their profits and share prices.

The big names slipped

Several of the largest energy companies traded lower. Exxon Mobil (NYSE:XOM) slipped, according to market reports, and Chevron (NYSE:CVX) edged lower during the session. Occidental Petroleum (NYSE:OXY) also dipped in the regular session before reporting quarterly results after the close, in which adjusted Earnings Per Share of $1.91 beat estimates of $1.47 while Revenue of $6.77 billion came in slightly below forecasts, according to market data.

Sable Offshore (NYSE:SOC) slipped after reporting a wider quarterly loss and saying it was reviewing working-capital options, reports said.

Pockets of strength

Not every energy-linked stock struggled. Kodiak Gas Services (NYSE:KGS), which provides Natural Gas compression, jumped in morning trading after reporting a record quarter and raising its full-year outlook, according to news reports. Natural gas futures also climbed sharply on the day, reports noted.

Deal news lifted one heavy-oil producer. Greenfire Resources soared after agreeing to be acquired by Strathcona Resources, according to market coverage.

Clean energy did not benefit from the shift either. First Solar (NASDAQ:FSLR) fell, and reports said lower oil prices weighed on energy alternatives.

A tough comparison

The weak day stands in contrast to the sector's strong earnings. Market data said energy company earnings more than doubled from a year earlier in the third quarter, one of the strongest growth rates of any S&P 500 sector.

Meanwhile, the broader market roared. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, and the Dow Jones Industrial Average rallied 1,104.02 points to 52,389.75. Airlines, the mirror image of energy stocks, surged on cheaper fuel.

Oil Path Decides Energy's Fate

Energy investors will track any official confirmation of a Hormuz agreement, as well as fresh attacks on shipping that could reverse the slide. A Saxo Bank strategist said that oil is trading on hopes "rather than concrete signs of progress."

Tuesday's October consumer price index and the Fed's December 8-9 meeting will also shape Demand expectations and the dollar, both of which influence oil prices. Big producers such as Exxon Mobil and Chevron typically follow crude's lead, so a sustained recovery in the sector would likely require oil to stabilize first.