The SPDR S&P 500 (NYSE: SPY) gapped up over 1% higher on Wednesday to trade back within a rising channel from which the market ETF broke bearishly on Tuesday.
Following a record-breaking 2022, investors are wondering whether energy stocks still have untapped potential for long-term returns.
Oil prices have risen sharply in the last week, with WTI crude recording a 6% weekly gain and rising far above $70 per barrel on the back of lower-than-expected U.S. inventories and remarks from OPEC+ to maintain a tight supply throughout the year.
U.S. advanced semiconductor technology embargo on China and ramp-up of the semiconductor technology base have affected China.
Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S. export controls kicked in, restricting the sale of semiconductors made with U.S. technology.
The markets saw some green Monday after First Citizens Bank & Trust Co (NASDAQ: FCNCO) agreed to buy most of Silicon Valley Bank.
The S&P 500 was up 0.29%, the Dow Jones Industrial Average gained 0.7%, while the NASDAQ Composite dropped 0.49% on the day.
The Dow Jones Industrial Average slipped in the March 28 session as selling pressure intensified, pushing the index narrowly below the support of the 200-day moving average located at 32,356 points.
The value of residential real estate in 20 major U.S. metropolitan cities, as measured by the S&P CoreLogic Case-Shiller Home Price Index, continues its downward trend and recorded an average decline of 0.6% in January, marking the seventh consecutive month of losses.