Shares of energy companies fell as investors rotated back into the technology sector and out of the value sectors that had led the stock market in recent weeks.
Oil futures and the energy sector have lost momentum in recent sessions as traders have backed off bets on rampant inflation and a globally synchronous economic rebound.
Speaking at an International Monetary Fund seminar, Federal Reserve Chairman Jerome Powell reiterated his view that inflation should remain in check even as economic growth rebounds.
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(END) Dow Jones Newswires