Shares of energy companies slid as investors fled cyclical sectors, fearful that strong economic data would keep the Federal Reserve's hands tied on rate cuts.

Oil futures slipped to a three-month low amid increasing pessmism on the rate outlook. A "reintroduction of interest rate increases, if inflation rises, would hurt demand," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

Write to Rob Curran at

(END) Dow Jones Newswires

05-23-24 1702ET