© Reuters
By Yasin Ebrahim
Investing.com – The Dow eased from record highs Thursday, paced by slump in energy and financials on concerns over the demand outlook, though overall investor sentiment remains positive on stocks amid expectations for another round of stimulus.
The fell 0.30%, or 94 points after hitting an intraday high of 31,543.82. The was down 0.30%, while the added 0.25%.
Energy led the broader market decline as oil prices slipped on renewed demand concerns after OPEC lowered its forecast on global oil demand.
OPEC forecast oil demand to increase about 5.8 million barrels per day to just below 96.1 million bpd, down 0.1 million bpd from a previous forecast, citing downward revisions in the OECD region and the impact of extended lockdowns.
Halliburton (NYSE:), Apache (NASDAQ:), Marathon Oil Corporation (NYSE:) were among the biggest decliners in the energy sector, each down by more than 4%.
Yet, Wall Street remains bullish on the global demand outlook. Goldman Sachs said earlier this week it expects global oil demand will recover by the end of 2022 and maintained its forecast for WTI to rise above $60 per barrel later this year.
Financials also took a breather after racking up gains recently even as U.S. Treasury yields held steady.
Citigroup (NYSE:), Goldman Sachs (NYSE:), and Wells Fargo…
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© Reuters
By Yasin Ebrahim
Investing.com – The Dow eased from record highs Thursday, paced by slump in energy and financials on concerns over the demand outlook, though overall investor sentiment remains positive on stocks amid expectations for another round of stimulus.
The fell 0.30%, or 94 points after hitting an intraday high of 31,543.82. The was down 0.30%, while the added 0.25%.
Energy led the broader market decline as oil prices slipped on renewed demand concerns after OPEC lowered its forecast on global oil demand.
OPEC forecast oil demand to increase about 5.8 million barrels per day to just below 96.1 million bpd, down 0.1 million bpd from a previous forecast, citing downward revisions in the OECD region and the impact of extended lockdowns.
Halliburton (NYSE:), Apache (NASDAQ:), Marathon Oil Corporation (NYSE:) were among the biggest decliners in the energy sector, each down by more than 4%.
Yet, Wall Street remains bullish on the global demand outlook. Goldman Sachs said earlier this week it expects global oil demand will recover by the end of 2022 and maintained its forecast for WTI to rise above $60 per barrel later this year.
Financials also took a breather after racking up gains recently even as U.S. Treasury yields held steady.
Citigroup (NYSE:), Goldman Sachs (NYSE:), and Wells Fargo…
