S&P 500’s performance  

The S&P 500 fell ~1.2% to 2,689.86 on May 29, marking the largest one-day decline in a month. Concerns about political uncertainty in Italy and the Eurozone pressured US bank stocks—which, in turn, pressured the S&P 500. Eight of the ten key sectors in the S&P 500 declined on May 29.

The SPDR S&P 500 ETF (SPY) fell ~1.2% to $269.Why Crude Oil Prices and the S&P 500 Are Feeling the Heat

S&P 500 performance by sector  

The financials, materials, and industrials sectors fell ~3.3%, ~1.8%, and 1.6%, respectively. These sectors pressured SPY the most.

The energy sector, which accounts for ~6.1% of the S&P 500 Index, fell 0.36%. The Energy Select Sector SPDR ETF (XLE) fell ~0.3% to $74.31. XLE represents the S&P 500 Index’s energy sector.

Sentiment in the commodity and equity markets could affect each other, depending on the magnitude of the moves and various fundamentals for each market.

Commodities 

July WTI crude oil futures contracts fell 1.7% to $66.73 per barrel on May 29. Prices fell due to speculation of higher production from Saudi Arabia and Russia. The United States Oil ETF (USO) fell 1.2% to $13.51 on May 29. USO aims to track active WTI oil futures’ performance.

July US natural gas futures fell 2% to $2.9 per MMBtu. Record natural gas production pressured natural gas prices. The United States Natural Gas ETF (UNG) fell 2.1% to $23.47. UNG seeks to follow active natural gas futures’ performance.

The iShares S&P GSCI Commodity-Indexed Trust (GSG) fell ~1% to $17.5. GSG seeks to track an index composed of a diversified group of commodities futures.

Series overview 

In this series, we’ll discuss OECD crude oil inventories and the global oil supply outage. We’ll also discuss the US dollar index and Iran’s crude oil production.

Latest articles

19 Jul

Afya's IPO Sees Strong Listing Gains

WRITTEN BY Mohit Oberoi, CFA

Afya (AFYA) listed on the Nasdaq Global Select Market on July 19. The company priced its IPO at $19 per share.

19 Jul

What to Watch For in Amazon's Q2 Earnings

WRITTEN BY Sanmit Amin

e-Commerce giant Amazon (AMZN) is scheduled to report its second-quarter earnings results after the closing bell on July 25.

19 Jul

Barrick Gold Reaches Deal to Buy Acacia Mining

WRITTEN BY Anuradha Garg

After a long standoff, Barrick Gold (GOLD) and Acacia Mining (ABGLF) have reached an agreement.

19 Jul

Comcast Shares Pop on Goldman's Optimism

WRITTEN BY Ruchi Gupta

Comcast (CMCSA) shares popped after Goldman Sachs issued a positive note on the company recently. Goldman upgraded its rating for Comcast to "buy" from "hold."

19 Jul

Why Analysts Are Bearish on Netflix Stock

WRITTEN BY Aditya Raghunath

Netflix stock fell over 10.0% on Thursday and is down 0.5% today as well.

On Thursday, pet retailer Chewy (CHWY) reported its first-quarter results after the market closed. The company reported its earnings for the first time.