U.S. energy stocks are back on top as sector leads Wall Street for first time since last year

U.S. energy stocks have zoomed higher in August, reclaiming their spot as the undisputed market leader for the first time since late 2022, when the sector was among the few plays that worked during a volatile year for markets.

The S&P 500 Energy Sector Index XX:SP500.10 has risen 9.7% during the first 29 trading days of the third quarter, its most promising start to a quarter since Q4 of last year, Dow Jones Market Data show. Meanwhile, U.S.-traded crude-oil prices have been rising for seven straight weeks, FactSet data show.

At the same time, technology stocks, among the undisputed leaders in terms of their gains year-to-date, have been lagging since the start of the quarter. The S&P 500 Information Technology Sector Index XX:SP500.45 is down 4.5% since the beginning of July, making it the worst-performing sector in that time period.

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