Energy exchange traded funds slipped more than 1% on Monday and were the market’s worst-performing sector along with financials as the ETFs lost ground with oil and Halliburton (NYSE: HAL), which faced a legal setback.
Energy Select Sector SPDR Fund (NYSEArca: XLE) was down 1.4% in recent trading. Shares of Halliburton, a top holding at 3.5% of the ETF, were off nearly 4%.
The Supreme Court ruled Monday that Halliburton shareholders can pursue a class-action lawsuit claiming the oil company inflated its stock price, Reuters reported.
A pullback in crude oil prices to under $100 a barrel also hurt energy ETFs on Monday. U.S. Oil Fund (NYSEArca: USO) slid more than 1%.
The energy ETF was outperforming the broader market so far this year as of June 3 with a gain of 10.6%, according to Morningstar.
Energy Select Sector SPDR Fund
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