Materials lead US stocks lower as commodities dip

DANIEL WAGNER AP Business Writer Published:

Materials and energy companies are leading U.S. stocks lower at midday as commodity prices fall sharply.

Crude oil lost more than $2 to $105 Wednesday, punishing energy stocks. Peabody Energy Corp. fell 5 percent, the most of any company in the Standard & Poor's 500.

Industrials fell the most among the 10 industry groups in the Standard & Poor's 500. Heavy equipment maker Caterpillar Inc. fell 3 percent, the most in the Dow Jones industrial average. Aluminum producer Alcoa Inc. fell 2 percent.

The Dow is down 71 points at 13,126 shortly before noon eastern time. The S&P 500 is down 10 at 1,402. The technology-heavy Nasdaq composite index is down 19 at 3,101.