The energy sector struggled after the OPEC+ rescheduled its meeting
The Dow managed to snag a 184-point gain before Thanksgiving, with the market closed tomorrow to observe the holiday. The Nasdaq and S&P 500 also scored wins following upbeat consumer sentiment data, despite the energy sector's struggles after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) rescheduled its meeting. Meanwhile, the 10-year Treasury yield backtracked some of its earlier losses, while the Cboe Volatility Index (VIX) extended its losing streak to four straight days.
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Oil Drifts Lower on Rescheduled OPEC+ Meeting
The decision to reschedule the OPEC+ meeting to Nov. 30 pushed oil prices lower. Also weighing on the commodity was an increase in U.S. crude supplies. January-dated West Texas Intermediate (WTI) dropped 67 cents, or 0.9%, to close at $77.10 a barrel today.
Meanwhile, gold prices slipped back below the psychologically significant $2,000 level on Wednesday, as the U.S. dollar strengthened and Treasury yields recovered slightly from their two-month lows. December-dated gold shed $8.70, or 0.4%, to close at $2,001.60 an ounce for the day.