It was another strong day for the S&P 500 (SPX), as the benchmark index secured a new intraday record high of 7,051. Let’s break down the sectors behind the performance.
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Energy was the best-performing sector on Thursday as Brent crude oil futures (BZ) climbed 3%. Despite easing geopolitical tensions, the Strait of Hormuz remains at a near standstill, choking the supply of oil. With higher oil prices, energy producers and refiners are able to benefit from improved margins and stronger revenue expectations.
Several energy stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the healthcare sector faced the largest drawdown as investors rotated capital into growth stocks and pivoted away from defensive positioning. Abbott Laboratories (ABT) weighed on the sector after lowering its full-year EPS guidance to reflect the dilutive effects from its acquisition of Exact Sciences (EXAS).
Notable healthcare stocks trading lower include: