Oil just settled above $100 while the Nasdaq closed out its worst week since June
Brent crude touched $110 a barrel for the first time since May and settled up 3.7% at $109.86, its highest close since May 19, per ReutersWTI settled up 3.5% at $101.41, the highest since September 17The jump came as attacks around the Strait of Hormuz surged over the past 10 days, a missile was intercepted near Saudi Arabia's Yanbu export port, and US lawmakers moved to block the Russia diesel deal. Crude is now up more than 70% this year per BloombergStocks went the other way. The Nasdaq fell 2.1% today and 4.5% on the week, and the S&P 500 lost about 1.1% today and 1.95% on the week. The Dow slipped 0.3% but still finished the week up 0.7%Under the surface it was a full rotation. Tech $XLK fell 7.7% this week while energy $XLE rose 4.9%, with $ConocoPhillips(COP.US) up 9.3%, $Chevron(CVX.US) up 6.1% and $ExxonMobil(XOM.US) up 5.9%$Chevron(CVX.US), $ConocoPhillips(COP.US), $Shell(SHEL.US), $BP PLC-Spons(BP.US), $APA(APA.US) and $Suncor Energy(SU.US) all hit new 52 week highs today, along with payments giants $Visa(V.US) and $Mastercard(MA.US). Health care also climbed to record highsOil above $100, a 10 year yield near 5% and two hot inflation prints in one week is a rough mix for the long duration AI names that led this market. The money is moving to companies that earn cash at today's prices instead of tomorrow's promises, and next week's $Tesla(TSLA.US), $Netflix(NFLX.US) and $Meta Platforms(META.US) earnings are big tech's first real shot at winning it backSource: StockMarket.News
