Sector Spotlight: After Buffett Deal, Energy Names Make A Run
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Market Recap For August 24th, 2022
Wednesday’s market was somewhat of a snoozer, with not much volatility after the initial opening bell. The major indices finished slightly in the green.
Since Monday’s opening drop, the market hasn’t moved much. Eventually, stocks will break out of the tight range of the past two days.
Yesterday’s Sector Performance
All sectors found green on Wednesday, led by Energy.
Technology ended as the weakest, barely staying out of the red.
Five-Day Sector Performance
Energy is still the only sector in the green over the past trading week.
Communication Services are still the weakest, but not by much.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
Oil moved higher once again, and that carried the XLE higher as well. As long as oil rallies, odds favor that the XLE will too.
If the stock market’s next move is a higher one, the XLK could be a top beneficiary, even though it has been weaker as of late.
Good luck!
