U.S. commodity stocks lie fallow as product prices climb
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:15 p.m. (1:15 p.m.) on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube.
Commodity producers have failed to regain influence in the S&P 500 Index even as prices for the goods they provide move higher. Energy and materials stocks together accounted for about 5% of the U.S. equity benchmark as of Wednesday, according to data compiled by Bloomberg. They had about the same weight as they did in March 2020, when the Bloomberg Commodity Index retreated to its lowest level since 1974. The commodity-price gauge surged 63% from its low through Wednesday.