Sector Analysis: IT Lags, Chips Shine The information technology sector trailed the S&P 500, dipping by 1.2%. Major contributors to this slump in
Sector Analysis: IT Lags, Chips Shine
The information technology sector trailed the S&P 500, dipping by 1.2%. Major contributors to this slump included Oracle and Apple, with the latter declining 1.5%. Contrarily, semiconductor stocks offered a silver lining. Nvidia, Qualcomm, and Intel observed gains of 0.4%, 1.2%, and 1.9%, respectively. Apple’s dip is also noteworthy as it precedes the anticipated iPhone model launch.
Crude Oil’s Ascendancy Boosts Energy Sector
U.S. crude prices reached unprecedented levels since November 2022. West Texas Intermediate crude oil witnessed a surge to nearly $89 a barrel, an impressive leap from March’s $66. This rise favored the energy sector, marking it as Tuesday’s top performer. The Energy Select Sector SPDR Fund experienced a 2.1% surge. Leading the gains were Occidental Petroleum, APA Corporation, and Marathon Oil.
Short-Term Forecast: Caution Ahead of Key Data
As the financial week progresses, all eyes are set on pivotal inflation data. Expected releases include the consumer price index on Wednesday and the producer price index on Thursday. Additionally, the European Central Bank’s policy meeting is on the radar. If the unveiled data deviates negatively from expectations, market turbulence is likely on the horizon, leaning towards a bearish sentiment.
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