Energy sector left behind as Wall Street exits bear market
Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023 NEW YORK -- Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023. The sector, which includes oil and oilfield exploration companies, is coming off of two years or rising oil prices and inflation. Now the S &P 500 has broken free from the bear market , but the energy sector is among the biggest laggards with a 7.4% dip. “Given that energy is one of the most cyclical sector s in the market , ongoing fears of a slowdown both here and abroad are likely weighing on the price of oil and energy stocks,” said Liz Young, head of investment strategy at SoFi, in a note to investors. Exxon Mobil is down 5% and oilfield services company Halliburton is down 8.4% this year. Falling crude oil and natural gas prices have been among the biggest drags on the sector . Oil prices have fallen 8% i...