Posted 4/4/2024, 7:31:19 PM
Energy Sector Outperforms in 2023 as Oil Majors Exxon and Chevron Battle for Growth
- Energy is the best performing stock market sector so far this year with 15% gains
- Oil prices are surging, with Brent crude topping $89/barrel, due to supply challenges
- Exxon and Chevron dominate the S&P 500 energy sector, comprising over 40% of the fund
- Exxon is trying to block Chevron's merger with Hess which could impact Chevron's growth plans
- Tech is underperforming the broader market while communication services is the second-best performing sector
