NEW YORK, September 1, 2026, 08:00 EDT — Oil traded close to $92 a barrel, driving energy stocks up by 3.3% while the Nasdaq-100 index, tracked by QQQ, headed lower.
- The Energy Select Sector SPDR Fund was up 3.25% as of 08:00 EDT, while the Invesco QQQ Trust slipped 1.10%.
- The 4.35-point difference highlighted a significant divide between oil producers and growth stocks.
- Premarket data indicated that nine out of 11 sector funds traded below Monday’s closing level in their most recent prints.
- Data on July JOLTS and August manufacturing is set for release at 10:00 EDT.
The Energy Select Sector SPDR Fund NYSEARCA:XLE rose 3.25% as of 08:00 EDT, while the Invesco QQQ Trust NASDAQ:QQQ declined 1.10%. The divergence came after another increase in crude oil prices XLE quote; QQQ quote.
The 4.35-point spread was the morning’s most distinct indicator. Producers gained on stronger oil, but inflation concerns and higher discount-rate expectations weighed on growth shares.
All major styles were impacted by the risk-off sentiment. The SPDR S&P 500 ETF Trust NYSEARCA:SPY slipped 0.90%. The iShares Russell 2000 ETF NYSEARCA:IWM lost 1.25%, and the SPDR Dow Jones Industrial Average ETF Trust NYSEARCA:DIA was down 1.24% SPY quote.
Energy separated from the market
Extended-hours change from Monday’s close, percent
At 07:51 EDT, West Texas Intermediate was priced at $87.59, while Brent was at $91.88. Both benchmarks stayed higher than Monday’s closes but slipped after 07:00.
Renewed clashes between the U.S. and Iran acted as the immediate trigger. The fighting has led to reduced activity through the Strait of Hormuz, which previously carried roughly 20% of all global oil shipments Associated Press.
Index futures steadied ahead of 08:00. The S&P 500 E-minis rose 0.06% after 07:00, with Nasdaq-100 E-minis up 0.04%. Both remained below Monday’s closing levels by 0.51% and 1.02%, respectively E-mini S&P 500 quote.
The last 51 minutes were steadier
Futures change, with each panel using its own scale
The stabilization failed to improve breadth. Of the 11 Select Sector SPDR funds, just energy and healthcare finished in positive territory on the latest available data. The other nine declined.
Breadth stayed weak; futures trading stayed active
Sector-fund breadth by 08:00 EDT
2 up / 9 down
Contracts traded, 04:00–07:51 EDT
Shares in the energy sector were among the main movers. Exxon Mobil Corporation NYSE:XOM and Devon Energy Corporation NYSE:DVN rose by over 1% in early trading on Tuesday. Robinhood Markets, Inc. NASDAQ:HOOD climbed roughly 2.5% after Morgan Stanley raised its rating on the stock Reuters.
Rates created a further headwind. The 10-year Treasury yield rose to 4.793% on Tuesday morning. William Blair macro analyst Richard de Chazal stated that the risk outlook continued to support high yields.
The forthcoming test comes soon. The Labor Department is set to publish July job openings at 10:00 EDT BLS. At the same time, the August ISM manufacturing report will be released ISM calendar.
Risks: Oil prices may shift direction on diplomatic news. Limited liquidity during extended-hours trading may amplify ETF price gaps. Futures quotes were last updated eight minutes ahead of the planned snapshot.
Currently, rotation remains the focus rather than panic. In the most recent interval, futures held steady. The gap between energy and growth sectors continued to expand.
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