S&P 500 on the rise
On Thursday, the S&P 500 Index increased moderately by ~0.5% from last week’s close of $2,712.97 to $2,727.76. For the last nine sessions, the S&P 500 Index has been trading in a range of $2,711.45–$2,742.24. A break on either side of the range will probably decide the future trend for the S&P 500 Index.
Two weeks ago, the S&P 500 Index surpassed its 50-day moving average. As of May 24, the S&P 500 Index is trading at $2,727.76, whereas its 50-day and 200-day moving averages stand at $2,674.17 and $2,632.79.
The SPDR S&P 500 ETF Trust (SPY) seeks to provide investment results that generally correspond to the price and yield performance of the S&P 500 Index.
Which S&P 500 sectors are gaining this week?
The top three sectors leading the rise in the S&P 500 Index (SPY) this week are as follows.
How is the energy sector performing this week?
Due to a decline in crude oil prices, the energy sector is turning out to be the worst-performing sector from the S&P 500 Index this week. As of May 24, the Energy Select Sector SPDR Fund (XLE)—which represents the energy component of the S&P 500 Index—decreased strongly by ~2.0%. Like SPY, XLE is also trading above its 50-day and 200-day moving averages.
As for the energy sub-sectors, the VanEck Vectors Oil Services ETF (OIH)—which represents an index of stocks from the oilfield services industry—is leading the decline within the energy space. OIH is down ~3.8% this week.
In this series
In this series, we’ll look at energy commodities and energy subsectors’ performance. Specifically, we’ll look at the companies with the top gains and losses in the refining and marketing sector and integrated energy sector. We’ll also analyze news and developments behind the moves.
Next, we’ll discuss how energy commodities are performing this week.