Market Recap for 08-August-2024

U.S. crude oil futures rebounded from a six-month low on Wednesday driven by a decline in crude stockpiles and ongoing tensions in the Middle East. According to the Energy Information Administration, U.S. crude oil stocks fell by 3.7 million barrels last week, while gasoline inventories rose by 1.3 million barrels. Despite a turbulent day in the stock market, oil prices ended higher.

On Wall Street, a rally on Tuesday was followed by uncertainty on Wednesday after the S&P 500 experienced its largest one-day drop in nearly two years on Monday. Analysts suggest the market may retest those lows but could regain strength in the coming weeks if there is no recession and the recent downturn proves to be temporary.