of the S&P 500 (SNPINDEX:^GSPC) It fell 0.61% to 6,632.19 Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 0.93% to 22,105.36, and d The Dow Jones Industrial Average (DJINDICES:^DJI) It fell 0.26% to 46,558.47 as higher oil prices weighed on the equity.
Energy and other defensive pockets are performing well while cyclicals are lagging today. Ollie’s Bargain Store (NASDAQ: OLLI) Earnings after yesterday’s Q4 earnings. Micron Technology (NASDAQ:MU) A surge in positive commentary ahead of next week’s earnings.
AI delays are weighted Meta platforms (NASDAQ: META ) As investors reacted to reports that the avocado roll would be extended into May. Adobe (NASDAQ:ADBE) It closed down 7.58% at $249.32 after CEO Shantanu Narine announced that he would be stepping down during yesterday’s earnings call.
The S&P 500 posted its third straight weekly loss. The price of crude oil has reached 100 dollars per barrel due to the continuous unrest in the Strait of Hormuz. Higher oil costs put cyclical pressure on banks, materials, and consumers. As the conflict in Iran approaches its second week, investors are bracing for more unrest.
A rate cut is unlikely when the Federal Reserve meets next week. Data from the Bureau of Labor Statistics showed today that job openings increased in January. Consumer spending rose slightly at the start of the year. However, data collected before the start of the war provide only part of the picture.
Figures released today show consumer sentiment is at a three-month low. This is a sign of growing concern about rising energy and gas prices. For investors, focusing on long-term goals helps with the backdrop of fear and volatility.
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Oil prices
