WTI Crude Oil Falls Below $90, Energy Sector Worst Performer
In spite of reports of continued operations by U.S. military in Iran and the absence of a concrete steps toward the end of the Strait of Hormuz standoff, markets are betting that a deal is drawing near. WTI Crude Oil closed below $90 a barrel for the first time in over a month and Energy was by far the worst performing sector on the S&P 500 on Wednesday. Among the winners, Consumer Cyclicals as well as Staples performed strongly - travel stocks cheered the lower energy prices while home improvement-related names saw some dip- buying as interest rates continued to track lower. The yield on a 10-year Treasury note at 4.48% - while still up about 50 basis points from the lows just before the Iran war, is now down 20 basis points from this month's peak near 4.7% - the highest since January of 2025.In the opening hour of the evening session, index futures are little changed. Among key earnings, Snowflake rallied over 35% to the highest levels of the year while Salesforce was down marginally despite better than expected Q1 results.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Snowflakeup 35.6%Phreesiaup 19.8%nCinoup 14.6%Agilentup 7.9%Nutanixup 4.1%Marvellup 1.0%ALSO HIGHER -Nebius Group N.V.up 12.2% as Situational Awareness discloses stakeDave Inc.up 4.2% after entering S&P smallcap 600 indexDOWN AFTER EARNINGS -Brazedown 9.5%Everpuredown 8.1%American Superconductordown 6.3%Synopsysdown 1.7%HP Inc.down 1.1%Salesforcedown 0.7%ALSO LOWER -
