The S&P 500 (SPX) closed higher on Wednesday as falling oil prices helped ease concerns of inflation.
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Let’s break down the sectors behind the performance.
Today’s Top-Performing Sector
Consumer discretionary was the top-performing sector on Wednesday as investors rotated back into price-sensitive areas of the market amid lower oil prices. Lower fuel costs tend to support consumer spending, boosting demand for travel, retail, and housing-related names.
Several consumer discretionary stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the energy sector faced the largest drawdown as Brent crude oil (BZ) fell 5% following comments from President Trump that the U.S. is in the “final stages” of negotiations with Iran. That could potentially point to a reopening of the Strait of Hormuz, although a full recovery in oil supply would take time as flows gradually normalize.
Notable energy stocks trading lower include: