S&P 500 top movers: Concho Resources Inc (CXO: NYSE) lead energy stocks' rally

• S&P 500 looks to close second straight day in the negative territory.
• Concho Resources Inc (CXO: NYSE) stock is the top daily percentage gainer.
• Financial shares slide on dismal outlook on Wednesday.

The S&P 500 Index (SPX) opened modestly higher on Wednesday but reversed its direction pressured by concerns over US lawmakers failing to reach a deal on coronavirus aid ahead of the election. As of writing, the SPX was down 0.7% on the day at 3,486 and was on track to close the second straight day in the negative territory.

S&P 500 top movers

Boosted by a Bloomberg report claiming that the US oil producer ConocoPhillips was in talks to buy Concho Resources Inc (CXO: NYSE), CXO surged higher on Wednesday and was last seen gaining 12% on the day at $49.39.  

Among the other major energy stocks, Cimarex Energy Co (XEC: NYSE), Apache Corp (APA: NASDAQ), Diamondback Energy Inc (FANG: NASDAQ) and Baker Hughes Co (BKR: NYSE) were gaining between 4.95% and 4.2%.

On the other hand, financial stocks are falling sharply as major banks remain worried about the uncertainty surrounding the economic recovery and the negative impact of the coronavirus crisis on loan losses. At the moment, Wells Fargo & Co (WFC: NYSE) and Bank of America Corp (BAC: NYSE) shares are down 5.3% and 4.2%, respectively, as the top daily percentage decliners of the day.