Oil traded around the flat line and even dropped lower after inventories were announced at 10:30am ET. However, just over the last thirty minutes, oil started to ramp higher again. The markets, which had been moving solidly higher, started to sell and come back in. The inverse oil trade lives on as anytime oil moves higher, the markets start to sell off. The SPDR S&P 500 ETF (NYSE:
SPY) hit a high today of $131.82 as oil hit its low of the day. As oil has spiked higher, the SPY has pulled back to $131.05, basically flat on the day.
Technology stocks have been very weak of late. However, today they are catching a solid bid. Amazon.com, Inc. (NASDAQ:
AMZNETF) (NYSE:
GLD) is trading at $140.30, +0.27 (+0.19%) while the iShares Silver Trust (
ETF) (NYSE:
SLV) is trading at $34.06, +0.19 (+0.55%).
Gareth Soloway
InTheMoneyStocks.com
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
