Oil Prices Near $92, Driving Energy Stocks Higher Amid Market Volatility

New York, September 1, 2026 - Oil prices are driving energy stocks higher as crude oil approaches $92 per barrel. The Energy Select Sector SPDR Fund (XLE) rose by 3.25% while the Invesco QQQ Trust (QQQ) declined by 1.10%. This divergence highlights the significant divide between oil producers and growth stocks.

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 was a notable indicator, with producers gaining on stronger oil prices but growth shares weighed down by inflation concerns and higher discount-rate expectations.

All major styles were impacted by risk-off sentiment, with the SPDR S&P 500 ETF Trust (SPY) slipping 0.90%, the iShares Russell 2000 ETF (IWM) losing 1.25%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) down 1.24%.