S&P 500 top movers: Energy stocks soar fueled by oil rally

S&P 500 looks to close in the positive territory on Tuesday.
S&P 500 Energy Index is up nearly 7% on surging oil prices.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) started the day near Monday's closing level but edged higher on the back of impressive gains witnessed in energy stocks. At the moment, the SPX is up 0.5% on the day at 3,719.

Following the two-day OPEC+ meeting, Saudi Arabia's energy minister said that they will continue to support the oil market by voluntarily lowering their production by 1 million barrels per day in the February-March period. Boosted by this announcement, the barrel of West Texas Intermediate touched its highest level since February at $50.14 and the S&P 500 Energy Index rose nearly 7%.

S&P 500 top movers

Occidental Petroleum Corp (OXY: NYSE) is currently the best performer of the day, rising 13.5% at $19.80. Diamondback Energy Inc (FANG: NASDAQ), Apache Corp (APA: NASDAQ), Halliburton Co (HAL: NYSE) and Cimarex Energy Co (XEC: NYSE) are among the other top gainers, up between 10% and 13%.

On the other hand, Verisign Inc (VRSN: NASDAQ) and Fortinet Inc (FTNT: NASDAQ) shares lose around 3% on a daily basis as the biggest percentage decliners.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.