U.S. equities and stock exchange traded funds wobbled Thursday as a crude oil rout dragged on the energy sector and market watchers refrained from risky bets with healthcare stocks under review ahead of a vote on repealing Obamacare.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.1% lower Thursday.
The energy sector was the worst performing area of the S&P 500 Thursday, falling 2.2% as West Texas Intermediate crude oil futures plunged 4.7% to $45.6 per barrel on mounting concerns over a global supply glut despite the Organization of Petroleum Exporting Countries’ previous output agreement.
Nevertheless, strong first quarter earnings kept most other areas afloat, even as some expressed concerns over recent weakness, such as in inflation, consumer spending and economic growth.