The S&P 500 (SPX) reached a new all-time high on Monday, driven by upside in energy and memory stocks.
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Trade QQQ with leverageLet’s break down the sectors behind the performance.
Today’s Top-Performing Sector
Energy was the top-performing sector, driven by rising Brent crude oil (BZ) prices and renewed tensions between the U.S. and Iran. With higher oil prices, energy companies can earn more for each barrel they sell, lifting revenue and often improving profit margins, since some operating costs are relatively fixed in the short term and do not rise as quickly as crude prices.
Several energy stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the communication services sector faced the largest drawdown, led to the downside by Trade Desk (TTD) as the programmatic advertising platform continued to face pressure following a disappointing earnings report. In addition, weakness in entertainment and other advertising companies contributed to the sector’s losses.
Notable communication services stocks trading lower include: