Has The Early Weakness In Energy Names Been Erased?
Portfolio Pulse from Ryan Glosier
US energy stocks opened lower on Tuesday but quickly recovered, with the SPDR Select Sector SPDR Fund (NYSE:XLF) down just 0.33%. This occurred despite bearish price action in crude oil futures, which were down around 2% on the day to $70.79.
June 06, 2023 | 3:05 pm
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The SPDR Select Sector SPDR Fund (NYSE:XLF) opened lower but quickly recovered, trading down just 0.33% despite bearish crude oil futures.
The energy sector started the day as one of the worst-performing sectors but quickly recovered, with XLF down just 0.33%. This is despite bearish price action in crude oil futures, which were down around 2% on the day to $70.79. The quick recovery in energy stocks suggests that investors may be seeing value in the sector, leading to a short-term positive impact on XLF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100