- Major equity indexes in the US struggle to find direction on Tuesday.
- Energy shares post strong gains on rising crude oil prices.
- Defensive sectors trade in the negative territory after the opening bell.
Wall Street’s main indexes failed to capitalize on the upbeat market mood as reflected by surging Asian and European stocks and started the day little changed on Tuesday. As of writing, The Dow Jones Industrial Average and the S&P 500 were up 0.25% and 0.5%, respectively, on the day while the Nasdaq Composite was down 0.22%.
Rising crude oil prices lift energy shares
In the absence of significant macroeconomic data releases, investors seem to be adopting a cautious stance amid the widespread unrest in major US cities. At the moment, the CBOE Volatility Index, Wall Street’s fear gauge, is virtually unchanged on a daily basis at 28 points.
Among the 11-major S&P 500 sectors, the Energy Index is up 1.35% on the day supported by rising crude oil prices. The barrel of West Texas Intermediate (WTI) is gaining 1% on the day on hopes of extended OPEC+ oil output cuts. On the other hand, defensive sectors, Real Estate and Utilities, are posting modest losses in the early trade.
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