Pandemic concerns: An employee working at Procter & Gamble’s factory in West Virginia with robots. Investors believe the US economic recovery may have peaked in the face of a Covid-19 resurgence. — Reuters
NEW YORK: Energy stocks are becoming a popular bellwether for concerns over how deeply the Delta variant of the coronavirus is expected to impact the United States economy, as the so-called reopening trade that boosted some parts of the market earlier this year continues to stumble.
The S&P 500 energy sector is down 12.3% for the quarter-to-date compared with a 3.7% gain for the S&P 500, which stands near record highs.
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