April 22, 2026 In a recent conversation with Mannik Dhillon, president of investment franchises & solutions and head of ETFs at Victory Capital, a clear
The S&P 500 declined 1.9% for the week, reflecting a combination of macroeconomic uncertainty and geopolitical risk. Energy (+2.8%) was the clear outperformer, benefiting directly from rising crude oil and natural gas prices. Supply disruptions tied to geopolitical conflict pushed oil prices above $100 per barrel during the week, driving strong earnings expectations across the sector. Key contributors included Exxon Mobil and Chevron, which carry significant index weight, along with strength in companies such as ConocoPhillips and EOG Resources. The sector’s performance reflects its leverage to commodity prices, which acted as a hedge against broader market weakness.
Crude oil surged to its highest level in over two years as the conflict in Iran escalated, raising fears of prolonged supply disruptions. Energy Sector is up 26.53% YTD in 2026.
The Utilities Sector (+3.02%) was the week’s best performer
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