Oil hits $117, Crown Castle jumps on SpaceX reports

WTI crude oil rose 3.6% to $117 a barrel, its highest level since April, driving energy stocks higher as inflation concerns weigh on the broader market. The price spike is dominating headlines ahead of a Federal Reserve meeting next week, where a further interest rate hike is possible, fostering investor caution in the near term.

As of 11:40 AM ET, the Nasdaq Composite was up 0.26% to 26,075, attempting to stabilize after a previous tech-led sell-off. The S&P 500 dipped 0.15% to 7,652, while the Dow Jones Industrial Average traded down 0.98% to 52,350. Energy and utilities emerged as the top-performing sectors this morning, whereas industrial stocks lagged the session.

Crown Castle shares jumped 12% following reports that SpaceX is seeking cell tower sites for a mobile carrier service. This development simultaneously pressured shares in AT&T and other mobile carriers. In the cybersecurity sector, Palo Alto Networks climbed after Deutsche Bank named it one of three companies well-positioned to benefit from rising AI usage. CrowdStrike and Okta also gained as markets consider potential AI-powered security threats, a focus renewed by a software vulnerability reported on Wednesday that could impact 70% of websites worldwide.

Bloom Energy plummeted despite better-than-expected earnings released yesterday. Gold fell 0.72% to $3,995.18 per ounce, and the 10-Year Treasury yield increased by +0.046% to 4.99%.