Wall Street stocks drop the most in 7 weeks on Fedspeak and oil rise

The US Securities and Exchange Commission has put on hold a rule that for the first time required company disclosures on climate risks, a setback for what had been one of the agency’s most long-awaited and contentious measures.

In an order issued on Thursday, the SEC stayed the rule pending a review from a US appellate court, which is weighing a set of legal challenges against the measures filed by Republican state attorneys-general, companies and trade groups.

The SEC stressed the move did not mean it was “departing from its view” that the rule was “consistent with applicable law and within” its authority. 

But the order raised questions around the rule’s implementation, if judicial review is not resolved before the November presidential election.