Public companies in Colorado lost $43.7 billion in market value on Friday

Colorado stock values plummeted for a second day with natural supply companies replacing consumer goods importers in taking the brunt of the drubbings dished out on Friday by fleeing investors Unlike Thursday s trading where apparel retailers Crocs and VF Corp owner of Timberline and Vans were hit hardest over a big hike in tariffs Friday s losses focused preponderance intensely on oil and gas and mining companies which are essential players in the corporate mix in Colorado The five Colorado companies with the biggest losses in share value on Friday were all in the petroleum business Civitas Information down Liberty Strength down Ovintiv down Antero Support down and SM Ability down Widespread tariffs levied by the Trump administration on Wednesday have sparked the steepest sell-off in stocks since the pandemic arrived in March Natural store companies in theory should have fared better than importers of products from other countries But concerns that a arrangement war could consequence in a global slowdown and lower vigor and materials consumption helped push oil prices down this week If that weren t bad enough for domestic producers the Organization of the Petroleum Exporting Countries made a surprise announcement that it would raise crude production by barrels per day in May despite signals of too much supply While conjecture on our part OPEC could be trying to retake share from U S shale gambling that independents have drilled through their highest-quality inventory Still largest part U S shale firms boast breakeven prices well below current oil prices Joshua Aguilar a research analyst with Morningstar wrote in a research note Friday Aguilar downgraded his estimates of the value of domestic producers by about which in body terms is equivalent to cutting off an arm somewhere below the elbow Investors on Friday hacked off closer to off the value of Colorado s petroleum producers the equivalent of removing an entire leg Mining and royalty companies weren t hit as hard but they were next in line when it came to big losses Shares of Sitio Royalties Corp lost in value Intrepid Potash shares fell Vista Gold was down SSR Mining was down and the big daddy of the state s gold producers Newmont Mining lost in share value which works out to billion in lost industry value Although gold remains a hedge against economic uncertainty it had run higher ahead of the tariff announcements and fell when the details came out Federal Reserve Chairman Jerome Powell also took a hawkish stance on inflation saying future interest rate cuts might be delayed if prices increase due to tariffs Higher interest rates make gold alternatives like U S Treasuries more attractive An analysis of trading in Colorado-based residents companies manifested a one-day loss of billion in region value on Friday which represented a decline in the state s overall region capitalization Over half of that loss billion came from an decline in shares of Denver-based Palantir Technologies which is Colorado s largest society company and had been enjoying a rapid run the past year Shares of Denver-based VF Corp which owns several popular brands like The North Face and Dickies received a reprieve on Friday dropping after a crushing decline on Thursday And Crocs shares rose after a loss on Thursday making it one of only five Colorado companies to show a gain The Nasdaq Composite on Friday officially entered bear industry territory which is defined as a or greater decline from the the bulk modern high in value But the bears have been quite advancing in Colorado with of the stocks tracked having already suffered a or greater decline from their -week highs Another eight are in correction territory defined as a loss of or more from the latest high but short of a decline And only two are within of their latest highs