Energy stocks outperform amid higher oil prices
The S&P 500 continues to trade higher by 0.6%, trailing the Dow (+1.1%) but ahead of the Nasdaq (+0.3%). In the energy space, the EIA's weekly crude inventory report showed a larger than expected draw of 7.4 million barrels. Oil prices ($43.33/bbl, +1.64, +3.9%) have not reacted to the data and are still trading sharply higher. The S&P 500 energy sector is up 1.9%.  Following up on the latest TikTok news, China's Global Times reported that TikTok parent ByteDance denied that a deal to sell the app to Microsoft (MSFT 213.12, -0.17, -0.1%) will be reached in three weeks as CNBC previously reported.