Thursday, 6 July 2017

Stocks rise as oil plunges, tech stocks still at risk

Markets mostly rose on Wednesday.

The S&P 500, the STOXX Europe 600 and the Nikkei 225 all rose 0.2 percent

However, oil fell. West Texas Intermediate crude plunged 4.1 percent and Brent tumbled 3.7 percent.

“We’re seeing vicious rotations in certain sectors,” said Wedbush Securities’s head of the equities division Ian Winer. “Oil’s getting killed and there’s a rotation into biotech and semiconductors.”

However, Nigam Arora wrote in MarketWatch that it is still not time to jump back into popular tech stocks while Larry McDonald wrote in The Bear Traps Report that there are signs the tech sector's out-performance may be coming to an end

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