US Stocks Rebound, Oil Prices Fall but Hold Above $70

Today was a mixed day regarding risk sentiment, with oil prices continuing to fall while stock markets made some decent gains. US WTI crude fell below $70 again today, but sellers couldn’t keep the price down there and it crawled back above it toward the end of the US session, despite a buildup in API crude Oil inventories.

API Crude Oil Inventories for the Week

• Crude Oil Inventories: Increased by 1.8 million barrels, suggesting higher overall stock levels for the week.
• Distillate Stocks: Declined by 2.7 million barrels, indicating a drawdown and potential increased demand or reduced production.
• Gasoline Inventories: Dropped significantly by 5.9 million barrels, reflecting stronger consumption or tighter supply.
• Cushing, Oklahoma Storage: Rose by 0.410 million barrels, showing a minor build-up at the key US storage hub.
• S&P 500 Index: Increased by 27 points (0.5%), ending at 5,842.47.
• Nasdaq Index: Gained 51.49 points (0.3%), closing at 18,367.08.
• Dow Jones Industrial Average: Rose by nearly 1%, closing at 43,077.70.
• Russell 2000: Surged 36.85 points (1.64%) to finish at 2,286.67; this follows a modest gain of 1.17 points from the previous day.

US WTI Crude Oil Chart Daily – Retesting the $70 Level

Following the record highs set by the S&P 500 and Dow Jones the previous day, stock markets experienced a pullback yesterday. However, today, US stocks have partially rebounded, recovering some of those losses. Despite tech stocks, which were the main laggards yesterday, struggling to regain momentum, US markets made a strong comeback.

The Dow Jones, in particular, rose by 338 points, recovering all of yesterday’s losses and closing at 43,077.70 points, marking an increase of nearly 1%. The retracement gains for the S&P 500 and Nasdaq were more modest, with both indices seeing smaller rebounds.

Main Gaines in US Stocks Today

• Trump Media & Technology Group: +15.52%

• Aspen Aerogels Inc: +13.30%

• United Airlines Holdings: +12.44%

• American Airlines: +7.15%

• Delta Air Lines: +6.77%

• Morgan Stanley: +6.49%

• Micron: +4.72%

Some main stock losers today included:

• Snowflake -3.12%

• Lam Research -2.91%

• Snap -2.72%

• Nio A ADR -1.89%

• Meta Platforms -1.65%

• Uber Tech -1.56%

• Intel -1.54%

• Qualcomm -1.51%

• Intuit -1.39%

• SoFi Technologies -1.38%

S&P 500 Index Live Chart