The S&P 500 (SPX) closed lower on Tuesday on renewed AI fears ahead of the Fed interest rate decision on Wednesday.
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Forget margin or options. Here's how the pros trade QQQLet’s break down the sectors behind the performance.
Today’s Top-Performing Sector
Energy was the best-performing sector on Tuesday, driven by rising oil prices as disagreements remain between the U.S. and Iran on reopening the Strait of Hormuz. The waterway has operated at a near standstill since the beginning of the war on February 28, resulting in a global oil shock and declining supply.
Several energy stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the information technology sector faced the largest drawdown as news of OpenAI’s internal projection shortfall on revenue and weekly users pressured technology and AI stocks. In addition, CFO Sarah Friar told executives that the company may not be able to pay for future computing power if revenue doesn’t grow fast enough. Weakness was broad-based across the sector, particularly among companies tied to AI infrastructure.
Notable information technology stocks trading lower include: