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Wednesday Sector Laggards: Energy, Utilities

Looking at the sectors faring worst as of midday Wednesday, shares of Energy companies are underperforming other sectors, showing a 2.0% loss. Within that group, Hess Corp (Symbol: HES) and Occidental Petroleum Corp (Symbol: OXY) are two large stocks that are lagging, showing a loss of 3.9% and 3.7%, respectively. Among energy ETFs, one ETF following the sector is the Energy Select Sector SPDR ETF (Symbol: XLE), which is down 1.7% on the day, and down 38.48% year-to-date. Hess Corp, meanwhile, is down 29.76% year-to-date, and Occidental Petroleum Corp, is down 66.49% year-to-date. Combined, HES and OXY make up approximately 3.8% of the underlying holdings of XLE.

The next worst performing sector is the Utilities sector, showing a 1.5% loss. Among large Utilities stocks, Consolidated Edison Inc (Symbol: ED) and NRG Energy Inc (Symbol: NRG) are the most notable, showing a loss of 3.0% and 2.8%, respectively. One ETF closely tracking Utilities stocks is the Utilities Select Sector SPDR ETF (XLU), which is down 1.3% in midday trading, and down 7.84% on a year-to-date basis. Consolidated Edison Inc, meanwhile, is down 19.16% year-to-date, and NRG Energy Inc, is down 13.22% year-to-date. Combined, ED and NRG make up approximately 3.9% of the underlying holdings of XLU.

Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:

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Here’s a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Wednesday. As you can see, four sectors are up on the day, while five sectors are down.

Sector % Change
Technology & Communications +1.3%
Materials +0.4%
Services +0.2%
Industrial +0.1%
Consumer Products -0.2%
Healthcare -0.3%
Financial -1.1%
Utilities -1.5%
Energy -2.0%

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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