Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Sector movers: Big Oil drags on stocks
(Sharecast News) - Oil and Gas dragged on the main stock market benchmarks, as did Construction and Materials names. Weighing on the former was news that the Fed's preferred inflation gauge had picked up more than expected over the first quarter, which helped the US dollar catch a bid, in turning weighing on oil futures.
Nonetheless, by the end of the session, front-dated Brent crude oil had turned around and was gaining 0.76% to $78.28 a barrel on the ICE.
According to the Department of Commerce, the price deflator for personal consumption expenditures advanced at a quarterly annualised clip of 4.9%, against a gain of 4.4% over the preceding quarter and the 4.7% forecast by economists.
Significantly, it also implied that the March reading for core PCE prices due out the next day would come in at 0.5% month-on-month, which would be too high for the Fed.
Hence, Fed funds futures moved back to pricing in a further 25 basis point hike in the Fed funds target range by the central bank at its 2-3 May meeting.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, conceded that the risks now lay to the upside but stuck to his call for an increase of 0.3% on the month.
Among other reasons, he pointed to the potential for downwards revisions to estimates for previous months.
"The trend in the monthly core PCE gains is slowing, but it has not yet slowed far enough, especially in the core services ex-rent component, to reassure the Fed," he said.
Going the other way, cyclical areas of the market such as Autos and Parts paced gains.
Lenders' shares were also higher as investors reacted positively to the latest quarterly figures from Barclays and jitters around the sector on either side of the Atlantic appeared to ebb.
Top performing sectors so far today
Automobiles & Parts 1,713.48 +3.87%
Telecommunications Service Providers 2,528.92 +1.93%
Electronic & Electrical Equipment 9,920.39 +1.37%
Non-life Insurance 3,198.79 +1.18%
Banks 3,531.88 +1.02%
Bottom performing sectors so far today
Industrial Transportation 3,374.23 -2.88%
Media 10,111.72 -1.58%
Oil, Gas and Coal 8,546.16 -1.50%
Tobacco 32,574.08 -1.38%
Construction & Materials 7,875.76 -1.26%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
