PRESS ROOM
Energy stocks rise amid the gloomy sentiment in equities
Friday 04th March '22
Energy stocks are the only industry group in the S&P 500 Index that have delivered positive gains year to date (as of 02 March 2022). All other sectors are down with growth-oriented stocks experiencing the severest pullback. This is also illustrated by the larger drawdown in the tech-heavy NASDAQ 100 Index over the same period. The fortunes of energy stocks are naturally aligned with oil prices which, in turn, are tied to the Ukraine conflict in the near term. Volatility in stock markets remains elevated with the CBOE Volatility Index (VIX) reaching its highest level in over a year at the start of March.