Shares of energy companies slid as investors fled cyclical sectors, fearful that strong economic data would keep the Federal Reserve's hands tied on rate cuts.
Oil futures slipped to a three-month low amid increasing pessmism on the rate outlook. A "reintroduction of interest rate increases, if inflation rises, would hurt demand," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-23-24 1702ET