S&P 500 falls as oil surge lifts energy shares

S&P 500 falls as oil surge lifts energy shares

Utilities led declines after US-Iran strikes, while the energy sector rose 1.9% as oil prices climbed nearly 3%.

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By Editorial Team
Edited by Estefano Gomez

US stocks fell Monday as utilities and other interest-rate-sensitive sectors declined after the US and Iran exchanged strikes, while rising oil prices boosted energy shares.

The S&P 500 was down 0.5% at 10:22 a.m. in New York. The Nasdaq 100 fell 0.3%, while 10 of the S&P 500’s 11 sectors declined, led by utilities and communication services.

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Energy was the lone gainer, rising 1.9% as oil increased nearly 3%. Chevron rose 2.3% and ConocoPhillips gained 1.9%, while cruise operators fell as higher fuel costs pressured the group.

The S&P 500 was still on track for its best August since 2021, up about 2.5% for the month. Investors are watching Friday’s jobs report for fresh clues about interest rates after Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.

PG&E shares fell 20% and Edison International dropped 22% after California legislators introduced a wildfire-response bill. GameStop rose 3.8% after forecasting higher second-quarter profit.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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S&P 500 falls as oil surge lifts energy shares
S&P 500 falls as oil surge lifts energy shares

Utilities led declines after US-Iran strikes, while the energy sector rose 1.9% as oil prices climbed nearly 3%.

By Editorial Team
Edited by Estefano Gomez

Share

Add us on Google

US stocks fell Monday as utilities and other interest-rate-sensitive sectors declined after the US and Iran exchanged strikes, while rising oil prices boosted energy shares.

The S&P 500 was down 0.5% at 10:22 a.m. in New York. The Nasdaq 100 fell 0.3%, while 10 of the S&P 500’s 11 sectors declined, led by utilities and communication services.

Advertisement

Energy was the lone gainer, rising 1.9% as oil increased nearly 3%. Chevron rose 2.3% and ConocoPhillips gained 1.9%, while cruise operators fell as higher fuel costs pressured the group.

The S&P 500 was still on track for its best August since 2021, up about 2.5% for the month. Investors are watching Friday’s jobs report for fresh clues about interest rates after Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.

PG&E shares fell 20% and Edison International dropped 22% after California legislators introduced a wildfire-response bill. GameStop rose 3.8% after forecasting higher second-quarter profit.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.