Energy stocks drag down Wall Street as oil slips

Wall Street was lower on Wednesday morning, as energy stocks took a hit from a slide in oil prices after Saudi Arabia ruled out a cut in output to help tackle a global glut. The S&P 500 is down 6 percent for the year, while the Nasdaq composite has shed more than 10 percent. "There is very little good news for the market to hang its hat on," said John Brady, managing director at brokerage R.J. O'Brien & Associates in Chicago.