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Dow falls 300 points, Nasdaq tumbles as Nvidia wavers: Live updates

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Stocks slid Wednesday, as a pullback in artificial intelligence darling Nvidia took away one of the last few bright spots for traders.

ConocoPhillips has agreed to buy Marathon Oil in an all-stock transaction worth $17 billion, bolstering the company's shale assets as the broader oil and gas industry undergoes a major wave of consolidation. The deal will add 2 billion barrels of resources to ConocoPhillips' inventory in the U.S., extending the company's reach across shale fields in Texas, New Mexico and North Dakota.

ConocoPhillips' purchase of Marathon Oil follows blockbuster deals announced last fall by its two bigger rivals, Exxon Mobil and Chevron, as the industry undergoes a transformational wave of consolidation. Marathon Oil transaction, which is expected to close in the fourth quarter, would grow ConocoPhillips' earnings, cash flow and shareholder returns after the deal closes in the fourth quarter, CEO Ryan Lance said.

 

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