2024-03-07 01:19:44 ET
Summary
- The Materials Select Sector SPDR Fund ETF has been the top-performing S&P 500 sector in the past month.
- The ETF has been boosted by strong economic growth and a weakening US Dollar Index, as well as sector rotation into resource-based companies.
- The breakout in XLB's chart suggests a potential upside target of $98, and I highlight key support to monitor on the chart ahead of a bullish seasonal stretch.
Quick – answer me this: What’s the top-performing S&P 500 sector over the past month? Maybe the ETF titling of the article gave it away. Yes, the Materials Select Sector SPDR® Fund ETF (XLB) garners the top spot since early February. The ETF which comprises large-cap resources-focused companies has been on a heater amid continued strong economic growth numbers and a waning US Dollar Index. Fears of interest rates that will be ‘higher for longer’ just don’t seem to have the same bearish impact they did at times in 2023. For XLB and the Materials space, I assert that this fresh bout of momentum augers well for the month ahead. ...
Read the full article on Seeking Alpha
For further details see:
XLB Surges To The Sector-Performance Lead, More Upside Likely