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Energy Is Worst-Performing Sector in the S&P 500 So Far This Week

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S&P 500 down moderately

So far this week, the S&P 500 Index (SPY) has fallen marginally by ~0.1% from last week’s close of $2,718.37 to $2,713.22 as of July 3. The S&P 500 Index rose on July 2, but it gave up all of its gains on July 3.

Currently, the S&P 500 Index is consolidating around its 50-day moving average. As of July 3, the S&P 500 Index is trading at $2,713.22, whereas its 50-day and 200-day moving averages stand at $2,719.46 and $2,671.20.

The S&P 500 Index is making a series of higher lows on its daily chart but could not produce a higher high so far. A new uptrend in the S&P 500 will be confirmed only if it makes a higher high by moving above $2,801.90, which is the high point of the rally from the February 2018 bottom.

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Which S&P 500 sectors are declining this week?

The top two sectors that are leading the decline in the S&P 500 Index this week are:

  • Energy: The Energy Select Sector SPDR Fund (XLE) is down by ~0.86%.
  • Materials: The Materials Select Sector SPDR Fund (XLB) is down by ~0.71%.

Energy sector

Due to the negative performance from energy commodities, the energy sector is turning out to be the worst-performing sector in the S&P 500 Index this week. As of July 3, the Energy Select Sector SPDR Fund (XLE), which represents the energy sector of the S&P 500 Index, decreased by ~0.86%.

As for the energy subsectors, the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks from the oilfield services industry, is leading the decline in the energy space. OIH is down by ~1.9% this week.

The SPDR S&P Oil and Gas Exploration & Production ETF (XOP), the VanEck Vectors Oil Refiners ETF (CRAK), and the Vanguard Energy ETF (VDE) are down by ~0.88%, ~0.73%, and ~0.88%, respectively, so far, this week. The Alerian MLP ETF (AMLP) is up by ~0.20% so far this week.

In this series

In this series, we’ll look at energy commodities and energy subsectors’ performances. Specifically, we’ll look at the companies with the top gains and losses in the upstream and oilfield services sectors. We’ll also analyze news and developments behind the moves.

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

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