Revenge of the Real. Why Energy, Materials and Staples Stocks Are Beating the Market.
Picking through the debris of the recent software stock slump, bitcoin’s regular winter meltdown, the dollar’s ongoing malaise and the memification of precious metals reveals an interesting, although perhaps not surprising, discovery. Oil prices might have fallen sharply, and the world appears awash with excess crude, but Exxon is up more than 20% this year and Chevron has gained 16%. Consumers might be tightening their belts, and pushing back against incessant price hikes amid stubbornly high inflation, but the staples sector has booked its strongest January gains since 1997.
Picking through the debris of the recent software stock slump, bitcoin’s regular winter meltdown, the dollar’s ongoing malaise and the memification of precious metals reveals an interesting, although perhaps not surprising, discovery. Oil prices might have fallen sharply, and the world appears awash with excess crude, but Exxon is up more than 20% this year and Chevron has gained 16%. Consumers might be tightening their belts, and pushing back against incessant price hikes amid stubbornly high inflation, but the staples sector has booked its strongest January gains since 1997.