Shares of energy companies rose as traders rotated back into sectors that have been laggards in recent months.
Oil futures rose after the latest report of shrinking inventories. One brokerage said energy stocks may remain weak even as crude oil bounces back.
"Energy has now reversed some of the June weakness vs oil, but a softening outlook for inflation and crude balances has resulted in limited new investor interest," said analysts at brokerage Morgan Stanley.
Natural gas futures plunged 7% to $2.04 per million British thermal units as weather forecasts called for more temperate weather.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-17-24 1655ET
