Oil on the Up and Up | February 3

by Luna Fuller
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Good Evening!

The DJIA rose 0.12%
The S&P 500 was up 0.11%
The Nasdaq Composite fell 0.02%

Energy led the market today, as tech slipped.

General Market Review

Energy

Oil prices have risen for the third day in a row due to a drawdown in crude oil stockpiles. Inventories fell 994,000 barrels last week, compared to expectations of a rise of 446,000 barrels. The rise in oil price has impacted gasoline inventories to also rise. Diamondback Energy and Occidental Petroleum were up more than 5%.

Tech

Alphabet reported better-than-expected earnings. The company had large growth in its advertising business due to direct-response ads. GOOGL added 7% to reach record highs. Spotify, on the other hand, reported wider-than-expected earnings and slightly better revenue than analysts expected. Spotify had growth in premium subscribers, yet the stock slumped about 8%.

Economic Data

Labor markets beat estimates as employment in the private sector rose about 100,000 jobs past expectations. An economic recovery seems to be underway.

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