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Sharp increase in oil prices has led to outperformance of energy stocks, with WTI rising 20% this year. EIA forecasts $90/bbl in Q2 2024 and $3.60/gal in retail gasoline prices by 2024. 3 energy firms in top 10 S&P 500 performers YTD and many more set to report earnings in April 2024.
Stocks began the new month of April on a weaker note, as investors struggled to digest stronger-than-expected manufacturing data for March, amid concerns the Federal Reserve might postpone rate cuts.
In the final session of the short trading week leading up to Easter festivities, U.S. equity indices held steady, reflecting some setbacks in market expectations regarding interest rate reductions.
Wednesday's session sees sectoral rotation, with tech sector losing ground while energy and materials sectors advance due to rise in commodities prices.
Wall Street witnessed slight gains at midday on Monday, with investors eagerly awaiting a series of critical earnings reports, the Federal Reserve’s meeting on Wednesday and the much-anticipated job market report this Friday.