PHLX Oil Service Sector Sees Volatile Morning, Holds Slight Gain Above Previous Close
The PHLX Oil Service Sector (OSX) index experienced significant volatility during the morning trading session on April 8th. Despite a sharp drop from its opening levels, the index managed to cling to a marginal gain compared to the previous day’s close.
As recorded at 10:48:31 AM UTC-4, the PHLX Oil Service Sector index stood at 53.47. This reflects a modest gain of +0.13 points, equating to a +0.24% increase for the day, according to INDEXNASDAQ data. This value sits just slightly above the previous closing price of 53.34.
The intraday chart highlights a turbulent start for the sector. The index opened significantly higher, reaching levels above 55.50 shortly after the market commenced trading. However, it quickly reversed course, experiencing a steep decline. After a period of choppy trading primarily between the 54.00 and 54.75 marks, the index saw another leg down, bringing it closer to its prior closing level around the time of the update. This price action suggests considerable selling pressure emerged after the initial spike higher.
