The S&P 500 (SPX) closed in negative territory on Tuesday, reversing its early morning gains after Iran called off a second round of peace talks with the U.S. Let’s break down the sectors behind the performance.
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Trade QQQ with leverageToday’s Top-Performing Sector
Energy was the best-performing sector on Tuesday alongside rising Brent crude oil futures (BZ). Investors began to price in the risk that the Strait of Hormuz would continue to operate at a near standstill after trump-extends-ceasefire-deadline">Iran refused to send officials to Islamabad for a second round of peace talks with the U.S. A resumption of fighting between the two sides could also lead to attacks on energy infrastructure, exacerbating the existing oil supply shock.
Several energy stocks led the sector’s gains, including:
- Halliburton (HAL)
- APA (APA)
- Occidental Petroleum (OXY)
- Marathon Petroleum (MPC)
- ConocoPhillips (COP)
Today’s Worst-Performing Sector
Meanwhile, the real estate sector faced the largest drawdown, with real estate investment trusts (REITs) leading to the downside. Furthermore, rising oil and gas prices risk stoking inflation, which in turn can lead to higher mortgage rates and lower demand for properties.
Notable real estate stocks trading lower include: