The S&P 500 (SPX) closed slightly in the red on Wednesday after the Fed voted to hold interest rates between 3.50% and 3.75% amid rising inflation risks.
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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 top-performing sector on Wednesday as Brent crude oil (BZ) climbed over 7%, reaching its highest level since June 2022. In addition, the Strait of Hormuz remains at a near standstill, with Trump insisting that the U.S. will maintain its blockade on Iranian ports until the two sides are able to reach an agreement over Iran’s nuclear program.
Several stocks led the energy sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the utilities sector faced the largest drawdown as rising oil prices raised concerns about higher input costs and margin pressure across the sector. The move also weighed on sentiment as higher inflation expectations lifted yields, reducing demand for utility stocks with high debt.
Notable utilities stocks trading lower include: