Have Broader Markets Underperformed Oil?
Between November 3 and November 10, 2017, the S&P 400 Mid-Cap Index (IVOO) fell 0.6%. During this period, the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) fell 0.2% and 0.5%, respectively. US crude oil active futures rose 2% during this period.
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The European equity index, the FTSE 100 (EWU), and the CAC 40 Index (EWQ) fell 1.7% and 2.5% in the week ended November 10, 2017. Brent crude oil active futures rose 2.3% during this period. These equity indexes could have missed the rise in oil prices.
In the week ended November 10, 2017, the Energy Select Sector SPDR ETF (XLE) rose 1.4% and was the third largest gainer on our list of sector-based SPDR ETFs. The Real Estate Select Sector SPDR (XLRE) rose 3.2%, the largest gainer on our list. The Financial Select Sector SPDR ETF (XLF) fell 2.6% and was the biggest loser during this period.
Energy subsector ETFs
Last week, the VanEck Vectors Oil Services ETF (OIH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 4.1% and 3.2%, respectively. The Alerian MLP ETF (AMLP) fell 1.9% over this period. The rise in oil prices could be a key catalyst for these energy ETFs.