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Energy stocks are capitalizing on the surge in oil prices, while Consumer Defensive stocks are being buoyed by demand for safe-haven assets. The SP500 is facing a potential breach of the 4335 – 4350 support range, which could see it target the 4260 – 4280 range.
The NASDAQ index is under pressure from rising Treasury yields and U.S.-China tensions that are threatening tech sector profits. If it stays below the 15,000 mark, it could target the 14,560 – 14,680 support range.
Meanwhile, the Dow Jones index is testing the 33,600 – 33,700 level with most of its components declining. An exception to this trend is Procter & Gamble (NYSE:PG) which gained 2.7% after a strong earnings report.
The potential for hawkish Federal Reserve intervention due to the surge in oil prices has also been contributing to the current market situation. This combination of factors indicates a period of heightened volatility and uncertainty in global markets.
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