Stocks mixed, oil hits highest level in 6 years

US stocks were mixed on Tuesday, with the S&P 500 down 0.2 percent but the Nasdaq Composite up 0.2 percent.

Analysts have become more cautious on stocks.

Michael Wilson, chief US equity strategist at Morgan Stanley, said in a note that “equity markets are likely to take a break this summer as things heat up”.

Sarat Sethi, portfolio manager at DCLA, warned that “we’re in a little bit of a euphoria short-term” and that “the market’s going to be very picky as to what sectors are going to do well”.

Citi analysts think that July could be “an unsettling month” due to “loftier inherent expectations” following such strong first-quarter reports.

Oil prices fluctuated sharply. It jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely but ended the day down.