- The S&P 500 rose 0.5%, ending a three-session losing streak, while the Nasdaq 100 gained 0.2%.
- Ten of the S&P 500’s 11 sectors closed higher, led by materials and communication services; real estate declined.
- Oil above $90 per barrel, a 4.79% 10-year Treasury yield and hawkish Fed commentary increased pressure on high-valuation technology stocks.
- The prior session saw stocks and bonds fall as an oil jump fueled expectations that inflation would force the Federal Reserve to raise rates.
Quotes
“The S&P 500 Index ended a three-session losing streak on Wednesday as oil prices halted a sharp advance, easing inflation concerns as traders weigh the Federal Reserve’s potential path for interest-rate hikes.”
“A renewed drop in bonds reduced bets on riskier corners of Wall Street, hitting stocks on worries that elevated oil prices will fuel inflation and force the Federal Reserve to lift rates.”