Stock Market Today: Energy Stocks Surge on Oil Spike as Tech Weighs on Indexes

​U.S. stocks sawsawed on Wednesday as investors navigated a mix of rising oil prices, shifting sector leadership, and new signals on interest rates and global growth. Energy shares moved higher alongside crude, while technology stocks struggled to regain footing after recent weakness tied to AI spending concerns.

The Nasdaq Composite led declines early, weighed down by pressure on megacap tech and AI infrastructure names. The S&P 500 also traded lower, while the Dow Jones Industrial Average held closer to flat, supported by energy and industrial stocks benefiting from higher commodity prices and rotation away from growth.

Market Movers:

• ​Hut 8 Corp. (HUT) +15.7%: Shares surged after the company announced a major partnership with Anthropic and Fluidstack to build out hyperscale AI data center infrastructure in the U.S. The deal positions Hut 8 to deliver up to 2,295 megawatts of capacity, highlighting the continued pivot from crypto mining toward AI-driven energy infrastructure.
• Two Harbors Investment (TWO) +12%: The mortgage REIT jumped after UWM Holdings agreed to acquire Two Harbors in an all-stock transaction valued at roughly $1.3 billion. The deal expands UWM’s mortgage servicing footprint and adds a $176 billion unpaid principal balance MSR portfolio to its platform.
• Jabil (JBL) +8.6%: Shares climbed after the electronics manufacturer posted a strong fiscal first quarter and issued upbeat guidance. Earnings and revenue both topped expectations, driven by broad-based demand across cloud, automotive, and industrial end markets.
• Netflix (NFLX) +2%: Netflix rose after Warner Bros. Discovery urged shareholders to reject a rival takeover proposal from Paramount Skydance. The move reinforced confidence that Netflix’s existing deal offers greater certainty and value amid an increasingly contentious media consolidation battle.
• The Children’s Place (PLCE) -37%: The retailer plunged after reporting weak quarterly results, with revenue and profits missing estimates. Management cited ongoing volatility in its e-commerce business as it works through a broader strategic transformation.
• Worthington Enterprises (WOR) -3.4%: Shares slipped after earnings fell short of expectations despite stronger-than-anticipated revenue. The company pointed to resilient demand in building products but acknowledged a cautious consumer environment weighing on its outlook.
• CoreWeave (CRWV) -3.6%: The AI infrastructure provider fell as a competitor unveiled upgraded cloud offerings featuring next-generation Nvidia Blackwell Ultra compute. The announcement underscored intensifying competition in the fast-growing AI data center and cloud services market.

​Energy Stocks Rally as Oil Prices Spike

Energy stocks traded higher as oil prices jumped, putting the sector at the center of market attention. Rising crude prices boosted shares of producers and refiners, with investors favoring companies that benefit directly from tighter supply dynamics and stronger near-term pricing power. The move helped offset weakness elsewhere in the market, particularly in rate-sensitive and growth-heavy areas.

Higher oil prices also fed into broader inflation concerns. Energy costs tend to ripple through transportation, manufacturing, and consumer prices, reinforcing caution around how quickly inflation can cool. That dynamic remained choppy even as energy emerged as a relative bright spot.

​Rate Uncertainty and Global Signals Weigh on Broader Markets

Beyond energy, markets remained unsettled as investors weighed economic data, central bank signals, and global developments. Traders continued to debate the path of interest rates, balancing signs of a slowing labor market against stubborn inflation risks tied to commodities and global supply chains. Treasury yields moved higher, reflecting uncertainty around how restrictive policy may remain into next year.

Global markets added to the mixed tone, with investors reacting to economic updates and policy signals from Europe and Asia. The crosscurrents reinforced a cautious stance, keeping risk appetite uneven and sector performance increasingly divergent.

​Looking Ahead

​Markets will stay focused on energy prices, inflation data, and signals from the Federal Reserve as investors assess whether recent moves represent short-term volatility or a broader shift in positioning. With key economic reports still ahead and liquidity thinning into year-end, trading is likely to remain choppy as Wall Street looks for clearer direction heading into the final stretch of the year.