- Wall Street's main indexes opened modestly lower on Wednesday.
- Energy stocks gain traction on the back of rising crude oil prices.
- Focus shifts to preliminary Markit Manufacturing and Services PMI data.
After managing to close in the positive territory on Tuesday, major equity indexes in the US started the day with small losses on Wednesday. As of writing, the Dow Jones Industrial Average was down 0.18% on the day at 33,888, the S&P 500 was losing 0.15% at 4,240 and the Nasdaq Composite was falling 0.06% at 14,262.
Among the 11 major S&P 500 sectors, the Energy Index is up 1% supported by rising crude oil prices. Boosted by a Wall Street Journal report saying that the OPEC+ will ramp up its output by 500K next week, the barrel of West Texas Intermediate (WTI) rose above $74 for the first time since October 2018.
On the other hand, the defensive Utilities Index is losing 0.45% after the opening bell.
Later in the session, the IHS Markit's preliminary Manufacturing and Services PMI reports for June will be watched closely by market participants.
S&P 500 (ES SPY) Technical Forecast: Buy the dip or get chopped up.
S&P 500 chart (daily)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.