The S&P 500 (SPX) secured a new all-time high on Tuesday after the U.S. reaffirmed its ceasefire with Iran.
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New trading tool for QQQ bullsLet’s break down the sectors behind the performance.
Today’s Top-Performing Sector
Materials was the top-performing sector on Tuesday amid falling Brent crude oil (BZ) prices. With cheaper oil prices, materials companies can benefit from reduced energy and transportation costs. This can help improve profit margins for producers of chemicals, metals, and packaging.
Several materials stocks led the sector’s gains, including:
- DuPont de Nemours (DD)
- Smurfit Westrock (SW)
- Freeport-McMoRan (FCX)
- Steel Dynamics (STLD)
- Nucor (NUE)
Today’s Worst-Performing Sector
Meanwhile, the financial sector faced the largest drawdown after Anthropic released 10 new AI models designed for banks and other financial firms. Financial stocks pulled back amid concerns that the tools could pressure fees and increase competition in the sector. Furthermore, PayPal (PYPL) was the second-worst performer after its earnings report failed to resonate with investors, while Coinbase (COIN) faced pressure after announcing layoffs affecting 14% of its headcount.
Notable financial stocks trading lower include: