{"id":47616,"date":"2023-08-12T10:27:47","date_gmt":"2023-08-12T14:27:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-energy-stocks-are-back-on-top-as-sector-leads-wall-street-for-first-time-since-last-year\/"},"modified":"2023-08-12T10:27:48","modified_gmt":"2023-08-12T14:27:48","slug":"u-s-energy-stocks-are-back-on-top-as-sector-leads-wall-street-for-first-time-since-last-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47616","title":{"rendered":"U.S. energy stocks are back on top as sector leads Wall Street for first time since last year"},"content":{"rendered":"
\n

U.S. energy stocks have zoomed higher in August, reclaiming their spot as the undisputed market leader for the first time since late 2022, when the sector was among the few plays that worked during a volatile year for markets. <\/p>\n

The S&P 500 Energy Sector Index
\n XX:SP500.10
\n has risen 9.7% during the first 29 trading days of the third quarter, its most promising start to a quarter since Q4 of last year, Dow Jones Market Data show. <\/p>\n

\n

Rising prices of crude oil and gasoline have helped propel shares of the biggest U.S. energy firms higher. Exxon Mobil Corp.
\n XOM,
\n +1.55%<\/bg-quote>,<\/span>
\n the most valuable energy company in the S&P 500 and, with a market capitalization of roughly $450 billion, the 12th most valuable company in the U.S., has risen 4.2% to $111.69 per share since the start of the quarter. <\/p>\n

Shares of other oil and gas firms in the S&P 500 index have seen even bigger gains. APA Corp.
\n APA,
\n +1.65%<\/bg-quote>,<\/span>
\n an oil-and-gas exploration company, has risen 31.4% since the start of the quarter, making it the best performing member of the S&P 500 Energy Index. <\/p>\n

Meanwhile, U.S.-traded crude-oil prices have been rising for seven straight weeks, FactSet data show. <\/p>\n

West Texas Intermediate crude futures for September delivery
\n CL00,
\n +0.27%<\/bg-quote><\/p>\n

CL.1,
\n +0.27%<\/bg-quote><\/p>\n

CLU23,
\n +0.27%<\/bg-quote>
\n rose 32 cents to $83.14 a barrel on Friday. On Wednesday, they finished at $84.40 a barrel on the New York Mercantile Exchange, the highest settlement of the year. <\/p>\n

\u201cCrude prices are resuming their bullish ascent as\u00a0energy\u00a0traders remain overly confident the oil market will remain tight,\u201d said Edward Moya, senior market analyst at OANDA, in emailed commentary. <\/p>\n

At the same time, technology stocks, among the undisputed leaders in terms of their gains year-to-date, have been lagging since the start of the quarter. The S&P 500 Information Technology Sector Index
\n XX:SP500.45
\n is down 4.5% since the beginning of July, making it the worst-performing sector in that time period. <\/p>\n

See: <\/strong>Tech stocks are headed for their worst stretch since December, threatening to unravel 2023\u2019s stock-market rally<\/p>\n

It is still up 35.7% year-to-date, the second-best performer after the Communications Services Sector Index
\n XX:SP500.50,<\/span>
\n which is up 41.1%, according to FactSet data.<\/p>\n

Several factors are contributing to the rise in energy prices, including production cuts announced by Saudi Arabia, the continuing war in Ukraine, and expectations that U.S. economic growth could pick up, offset signs of weakness and deflation in China. <\/p>\n

To be sure, oil prices have fallen sharply since their peak from 2022, when U.S.-traded crude briefly traded north of $130 a barrel on March 7, the highest level since 2008. <\/p>\n

As a result, the energy sector rose 59.1% in 2022, a record annual gain, FactSet data show.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. energy stocks have zoomed higher in August, reclaiming their spot as the undisputed market leader for the first time since late 2022, when the sector was among the few plays that worked during a volatile year for markets. The S&P 500 Energy Sector Index XX:SP500.10 has risen 9.7% during the first 29 trading days […]<\/p>\n","protected":false},"author":1,"featured_media":6256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47616","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. energy stocks are back on top as sector leads Wall Street for first time since last year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. energy stocks have zoomed higher in August, reclaiming their spot as the undisputed market leader for the first time since late 2022, when the sector\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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