- Falling crude oil prices weigh on energy shares.
- Defensive sectors gain traction as risk-appetite weakens on Tuesday.
Following Monday’s record-setting rally fueled by the trade optimism on hopes of the U.S. and China ending the conflict, major equity indexes in the U.S. opened the day virtually unchanged as investors are refraining from making large bets ahead of the next significant catalyst, be it fresh geopolitical developments or headlines surrounding the Fed’s policy outlook. As of writing, the S&P 500 was virtually unchanged on the day while the Dow Jones Industrial Average and the Nasdaq were down 0.15% and 0.05%, respectively.
Among the 11 major S&P 500 sectors, the Energy Index is down 1.2% on the day hurt by falling crude oil prices. On the other hand, so-called defensive sectors, Real Estate and Utilities, are posting modest gains in the early trade.
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