Surge in interest rates drags down technology stocks, energy stocks buck the trend 😍
As expected, technology stocks and interest rate-sensitive stocks have performed poorly over the past week as interest rates surged, while energy stocks were the only sector to rise, with crude oil futures prices up 20% from their lows in late June. Persistent inflationary pressures, oil production cuts by Saudi Arabia and OPEC+ countries, and historically low U.S. Strategic Petroleum Reserves (SPR) have combined to drive crude oil price trends, a trend that is expected to continue in the short term.
