Market Update: Materials and Utilities Sectors Lag Behind on Thursday
As of midday Thursday, shares in the Materials sector are underperforming the overall market, posting a 1.1% loss. Newmont Corp (Symbol: NEM) and Carrier Global Corp (Symbol: CARR) are among the largest contributors to this decline, with respective losses of 14.4% and 7.8%. One notable exchange-traded fund (ETF) tracking materials stocks, the Materials Select Sector SPDR ETF (Symbol: XLB), is down 1.3% today but has increased 11.78% year-to-date. Surprisingly, Newmont Corp still shows a gain of 21.16% this year, while Carrier Global Corp is up 28.97%. Notably, NEM represents about 4.9% of the holdings within XLB.
Utilities Sector Also Faces Challenges
The Utilities sector follows with a 0.5% loss. NextEra Energy Inc (Symbol: NEE) and Vistra Corp (Symbol: VST) are key players within this segment, with losses of 2.0% and 1.4%, respectively. The Utilities Select Sector SPDR ETF (XLU), which tracks this sector, is down 0.7% in midday trading but has gained 31.32% for the year. Remarkably, NextEra Energy Inc has risen by 39.61% year-to-date, while Vistra Corp has skyrocketed 224.36%. NEE and VST together account for approximately 17.2% of XLU’s underlying holdings.
Performance Overview: S&P 500 Sector Comparison
Looking at the performance of various sectors in the S&P 500 during Thursday’s afternoon trading, five sectors are in the positive, while four sectors are experiencing losses. Here’s a summary of the performance changes:
| Sector | % Change |
|---|---|
| Healthcare | +0.5% |
| Consumer Products | +0.3% |
| Financial | +0.3% |
| Technology & Communications | +0.3% |
| Services | +0.1% |
| Industrial | -0.2% |
| Energy | -0.3% |
| Utilities | -0.5% |
| Materials | -1.1% |
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• Top Ten Hedge Funds Holding TTWO
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
