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Soft Energy Drags S&P, Dow Lower

EQUITIES
  • US indices were mixed Thursday, with the tech-led NASDAQ the outperformer thanks to solid rallies in the likes of NVIDIA, AMD and PayPal. Countering the strength in tech, poor turnouts from energy, materials and financials dragged the likes of the S&P500 and Dow Jones into negative territory ahead of the close.
  • Energy names were the poorest performers on Thursday, with the likes of Devon Energy, Marathon Oil and Occidental Petroleum all slipping 4% or more as the WTI crude futures price edged off the recent cycle high of $72.99/bbl. Materials and financials were also among the sectors contributing to the downtick in headline indices.
  • The VIX opened higher, still seeing some support after the hawkish Fed decision Wednesday, but these gains faded throughout the cash session, keeping the index within range of the post-pandemic lows posted last week.
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