Still waiting for something tangibly bullish to develop, traders once again failed to follow through on Wednesday’s bullish effort. The close of 2,270.44 for the S&P 500 on Thursday was 0.21% worse than Wednesday’s last trade, and kept the index trapped in the same range it has been stuck in since mid-December.

A small stumble would have been preferable compared to the pullbacks that shareholders of AK Steel Holding Corporation (NYSE:AKS), Hess Corp. (NYSE:HES) and Fiat Chrysler Automobiles NV (NYSE:FCAU) suffered today, however.

Here’s the deal.

Hess Corp. (HES)

Despite the gain crude oil made today, despite a significant new oil discovery and despite the fact that the stock responded bullishly to the news in Thursday’s premarket action, the oil company’s capital spending plans ultimately worried investors, inciting a 4.8% tumble from HES shares today.

For the current year, Hess intends to spend $2.25 billion on exploration and production, up 18% from 2016’s E&P spending of $1.9 billion. Barclays was only looking for a 7% increase in the company’s capital spending. At least some of the increased spending would be used to cultivate a new oil discovery offshore of Guyana. The Payara-1 discovery adds an estimated 100 million to 150 million barrels to its reserves. It will take more time and money to begin extracting said oil, and find more of it in the area.

Although crude oil prices ostensibly seem to be on the mend, HES shareholders may not be completely convinced oil’s foreseeable future justifies this level of aggressive expenditures.

Fiat Chrysler Automobiles NV (FCAU)

In the same vein that Volkswagen AG (ADR) (OTCMKTS:VLKAY) was slammed in late 2015 when it was discovered software on some of its vehicles were designed to cheat U.S. emissions tests, U.K.-based Fiat Chrysler Automobiles saw its stock take a big hit today when the Environmental Protection Agency accused the carmaker of similarly cheating emissions tests. The claim would apply to roughly 100,000 automobiles sold in the United States since 2014.

The company responded, saying it believes its emissions control systems adequately comply with EPA standards, stopping short of suggesting the EPA’s accusation is baseless.

Fiat Chrysler further plans to fight the agency’s claim. Investors were more spooked than optimistic about the potential of the development, however, sending FCAU to a loss of 10.2% for the day.

AK Steel Holding Corporation (AKS)

Last but not least, AK Steel shares fell 10.7% today in response to a downgrade from Credit Suisse. Analysts Curt Woodworth and Serena Rocha Calejon explained:

“We are downgrading our sector view on the US Steel sector to Market Weight from Overweight and downgrading our ratings on US Steel, Steel Dynamics (STLD), and AK Steel to Neutral from Outperform owing to heightened supply side concerns in the U.S., CS commodity strategists forecasts for sharp declines in bulk material prices in 2H-17, weak demand trends in 2H-16, and concerns that infrastructure stimulus are unlikely to materially benefit US producers.”

In other words, rolled steel prices may be due for a dip as new furnaces fire up in the current quarter.

Of course, up more than 400% since their Janaury-2016 low and up more than 100% since early November, AKS made for an easy downgrade target.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities.