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Energy Sector: This Week’s Second-Slowest Performer in S&P 500

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The S&P 500 is on the rise

So far this week, the S&P 500 Index has increased ~1.4% to $2,772.35 on June 6, up from last week’s close of $2,734.62. Although the S&P 500 Index is making a series of higher lows, what’s missing so far is a higher high on the daily chart. A new uptrend in the S&P 500 would be confirmed only if it makes a higher high by moving above $2,801.90.

Last week, the S&P 500 Index found support at its 50-day moving average and is currently trading above its 50-day and 200-day moving averages. On June 6, S&P 500 Index traded at $2,772.35, and its 50-day and 200-day moving averages stood at $2,680.40 and $2,643.97, respectively.

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 that are leading the rise in the S&P 500 Index this week are:

  • Materials: The Materials Select Sector SPDR ETF (XLB) has risen ~3.2%.
  • Consumer discretionary: The Consumer Discretionary Select Sector SPDR ET (XLY) is up ~2.7%.
  • Technology: The Technology Select Sector SPDR ETF (XLK) is up ~1.8%.

How is the energy sector performing this week?

Due to a decline in energy commodities, the energy sector is turning out to be the second-slowest performing sector from the S&P 500 Index this week. On June 6, the Energy Select Sector SPDR ETF (XLE), which represents the energy sector of the S&P 500 Index, fell ~0.6%. Like SPY, XLE is trading above its 50-day and 200-day moving averages.

As for the energy sub-sectors, the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which holds stocks across the energy industry, is leading the decline within the energy space. XOP has ~77.0% exposure to the oil and gas exploration and production industry. XOP is down ~2.3% so far this week.

The VanEck Vectors Oil Services ETF (OIH), the VanEck Vectors Oil Refiners ETF (CRAK), and the Vanguard Energy ETF (VDE) are down ~0.2%, ~0.5%, and ~0.9%, respectively, this week.

Series snapshot

In this series, we’ll look at the performance of energy commodities and energy subsectors. Specifically, we’ll look at the companies with the top gains and losses in the refining and marketing sector and the integrated energy sector. We’ll also analyze the news and developments behind these moves.

Next, we’ll see how energy commodities are performing this week.

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