U.S. stocks took a step back Wednesday as oil prices climbed. All three major averages finished the day more than 1% lower, while international oil benchmark Brent crude topped $121 per barrel and U.S. WTI crude neared $115.
“There’s been a shift in focus back to economic indicators, with energy prices front and center,” Michelle Cluver, portfolio strategist at Global X, said.
Energy stocks outperformed Wednesday, with the sector rising 1.7%. Utilities also closed with a small gain, while the other nine S&P 500 sectors finished the day lower.
Despite Wednesday's pullback, the three indexes are each higher on the month.
