David Uberti

Remember when artificial intelligence was the story of the 2024 stock market? A crude rally that has propelled prices to their highest levels in months is boosting shares of international oil majors, American fuel refiners, shale drillers, pipeline operators and tanker owners. The tech-heavy Nasdaq has meanwhile climbed by a comparatively pedestrian 9%.

Traders expect spare capacity will cap crude prices despite the conflict in the Middle East.

Inflation and deficits are lifting yields and jarring the stock market. Pressure keeps building in the bond market.

The staid utilities industry has become a top-performing sector. An unlikely stock-market winner this spring stands out even in a year full of Wall Street surprises.

STOCKS An unlikely stock-market winner this spring stands out even in a year full of Wall Street surprises. Utilities—yes, utilities—are outpacing the competition. The climb in shares of power companies is in part a rebound from a bleak 2023.

U.S. crude prices on Monday suffered their steepest one-day decline in nearly five months despite the Saudi-led OPEC and its Russia-led allies agreeing on Sunday to extend production cuts. The decline of crude prices has been a boon for American drivers and slowed U.S. inflation. While reduced production quotas by OPEC+ members has taken millions of barrels of oil off the global market each day, new output from the U.S., Guyana and Canada has weighed down prices.

The U.S. currency has surged thanks to higher interest rates and a strong economy.

The Japanese yen is showing signs of life after the cool U.S. inflation report, jumping about 2% against the dollar.

Magnificent Seven stocks lost the most market value in a single day on record.