The stock market was mixed on Tuesday, with the S&P 500 and Dow Jones Industrial Average closing slightly lower, while the Nasdaq Composite Index closed higher. The biggest winners on the day were energy stocks, which benefited from rising oil prices. The biggest losers were technology stocks, which were weighed down by concerns about rising interest rates.
Here are the biggest winners and losers on the day:
Occidental Petroleum (OXY) +10.4%
Exxon Mobil (XOM) +8.2%
Chevron (CVX) +7.5%
Marathon Petroleum (MPC) +6.8%
Valero Energy (VLO) +6.5%
Meta Platforms (FB) -7.1%
Alphabet (GOOGL) -6.8%
Amazon (AMZN) -6.4%
Netflix (NFLX) -5.6%
Tesla (TSLA) -5.1%
What's Driving the Market Today?
There are a few factors driving the market today. One is rising oil prices. Oil prices rose to their highest level in over two years on Tuesday, as concerns about supply disruptions in Russia and Libya outweighed concerns about slowing global economic growth.
Another factor driving the market is rising interest rates. The Federal Reserve is expected to raise interest rates several times this year in an effort to combat inflation. Higher interest rates can make stocks less attractive, as they can increase the cost of borrowing money.
Finally, the market is also being affected by the ongoing war in Ukraine. The war has created a lot of uncertainty in the markets, and investors are still trying to assess the long-term impact of the conflict.
What's Next for the Market?
It's difficult to say what's next for the market. The market is likely to remain volatile in the near term, as investors continue to assess the impact of rising interest rates, the war in Ukraine, and other factors. However, over the long term, the market is still expected to rise, as the underlying fundamentals of the economy remain strong.
Here are some things to watch for in the coming days and weeks:
The Federal Reserve's interest rate decision on Wednesday.
The release of the latest jobs report on Friday.
Any updates on the war in Ukraine.
Overall, the market is likely to remain volatile in the near term, but investors should still be optimistic about the long-term outlook.