Since the Energy Select Sector SPDR FUN (ARCA: XLE) is down roughly 16% over the past month, it may be a good time to shop around for oversold equities in the oil and gas sector. Although investors are concerned about a recession slowing down the economy, natural gas prices are still at record highs.
The Personal Consumption Expenditure (PCE) price index, the Federal Reserve's preferred measure of inflation, rose 4.4% year over year in April 2023, up from the 4.2% surge in March and above the expected 4.3% rise, the U.S.