Energy exchange traded funds were the worst-performing sector on Wednesday as top components Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) both slipped more than 1% in morning action.
Energy Select Sector SPDR Fund (NYSEArca: XLE) was off nearly 2%. The sector ETF is outperforming the S&P 500 in 2011 but several attempts since March to break through $80 a share have failed, and the fund has dropped below its 50-day moving average.
Exxon and Chevron are the top two holdings and together they account for more than 30% of the energy ETF.
The largest oil ETF, U.S. Oil Fund (NYSEArca: USO), was also down about 2% on Wednesday morning. The oil ETF has lost more than 6% over the past week as a margin hike and a strengthening greenback have weighed.
Energy Select Sector SPDR Fund