Wednesday's midday market data revealed a downturn in the Energy and Utilities sectors, with significant losses recorded by key stocks.
The Energy sector was particularly hard-hit, suffering a 3.8% decrease. Devon Energy Corp (NYSE:DVN). and Marathon Oil Corp (NYSE:MRO)., which together make up approximately 3.1% of the Energy Select Sector SPDR ETF (NYSE:XLE), both experienced significant losses. Devon Energy Corp. and Marathon Oil Corp. are currently down 22.56% and 4.82% year-to-date respectively, with both stocks witnessing a decline of over 6% on Wednesday.
Despite the day's losses, the Energy Select Sector SPDR ETF has managed to stay in positive territory for the year, recording a gain of 3.36%.
The Utilities sector also struggled, with a modest loss of 0.2%. Large stocks NextEra Energy Inc (NYSE:NEE) and AES (NYSE:AES) Corp, accounting for around 13.8% of the Utilities Select Sector SPDR ETF (NYSE:XLU), were notably impacted. NextEra Energy Inc and AES Corp have lost 37.67% and 51.57% respectively year-to-date.
The Utilities Select Sector SPDR ETF has seen a significant drop this year, down by 17.5%.
In addition to sector-specific data, the article also provided an overview of S&P 500 components' performance and discussed stocks that insiders and hedge funds are purchasing.
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