U.S. equities and stock exchange traded funds were flat Wednesday as crude oil prices declined and dragged on the energy sector.
Meanwhile, West Texas Intermediate crude oil futures decreased 4.5% to $46.0 per barrel, and energy shares in the S&P 500 slipped 1.9%.
The energy market weakened Wednesday after the U.S. Energy Information Administration revealed that oil stockpiles increased for the first time in nine months and gasoline inventories were also higher, adding to concerns that U.S. drivers won’t help ease the ongoing glut over the summer driving season, the Wall Street Journal reports.
Market observers are also waiting on a number of potential risk-off catalysts this week, including a policy decision from the European Central Bank Thursday and former FBI director James Comey’s testimony in Washington. Any damaging disclosures from Comey’s testimony could depress momentum for the Trump administration’s pro-growth agenda.