What’s News in Markets: Refiners Cash In, AI Stocks Wobble, Homebuilder Blues

The S&P 500 and Nasdaq hit new closing highs this week, powered by a familiar group of AI-driven tech giants. But beneath the surface, the picture was far less bullish. Since the S&P’s previous record in August, most of the index’s industry groups have actually lost ground, and an ongoing sell-off in the bond market is making things worse. The yield on the 10-year Treasury hit its highest level in more than two decades, pushing up borrowing costs and putting pressure on everything from banks to real estate stocks. For the week, the Nasdaq was up 0.6%, the S&P advanced 1.2%, and the Dow gained 0.9%.

Refiners Cash In on Global Fuel Shortages

One of the top-performing sectors in the S&P this week was energy, as wars in Iran and Ukraine boosted profit margins for U.S. oil refiners. Attacks have damaged refineries in Russia and the Middle East, and some Asian countries have pulled back on exports, creating a global fuel shortage. That is pushing up prices for gasoline and diesel even faster than the price of crude oil, which jumped 2.4% this week to $104.72 a barrel.