US stocks move higher on surging oil prices, Nasdaq underperforms
|Major US equity indices witnessed a mixed opening on Tuesday, with tech-heavy Nasdaq Composite Index underperforming and trading with a mildly negative bias.
Surging oil prices helped the broader markets to build on the recent gains on a holiday-shortened session. The already bullish oil markets got an additional boost after Libya declared force majeure on significant amounts of its oil supply.
In fact, WTI crude oil jumped above the $75.00/barrel mark for the first time since 2014 and energy stocks were among the biggest beneficiaries of rising oil prices, which eventually supported the positive momentum during the opening hour of trade on Tuesday.
However, uncertainty over trade policies remains a key overhang on the markets as investors remain wary ahead of a July 6 deadline when the US is set to impose fresh tariffs of up to $50 billion on Chinese products.
Nevertheless, the blue-chip Dow Jones Industrial Average and the broader S&P 500 Index remain on track to post a fourth straight session on gains ahead of the Fourth of July holiday on Wednesday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.