Energy sector rally loses steam
After a notable rally last week, stocks in the energy sector lost some momentum on Tuesday.
The S&P 500 energy sector was 2.7% lower in the first hour of trading on Tuesday. Most other sectors were trading higher, with the exception of industrials and materials.
As of Monday’s close, the Energy Select Sector SPDR Fund was up for seven consecutive days — growing 9.7% in that time. This was partially due to escalating geopolitical tensions that led to concerns over oil exports. The price of crude oil jumped over the past week.
The S&P energy sector was up about 6.8% from a month ago, according to FactSet data, but it was 2.3% lower on the week so far.