Surging oil prices may account for the stock market's sideways performance since early September, says one Wall Street analyst.
Surging oil prices might account for some of the stock market’s sideways performance since early September, according to one Wall Street analyst, with crude knocking on the door of a level that traditionally starts to bite into economic activity.
“Such oil-price strength is likely a contributor to the rangebound nature of [the S&P 500] since the 9/2 high, along with plateauing earnings estimates, a more hawkish Fed and mixed public flows,” Emanuel wrote. Past slowdowns that followed oil-price spikes “have also been accompanied by increased equity market volatility albeit with medium-term small-cap outperformance,” he said, using the table below to illustrate how past crude-price jumps have affected equities in the past.
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