Week Thoughts: It's Not That Deep

Midstream down, but not bad

Mixed performance across the market this week.  Tech helped the S&P 500 finish positive, while the equal weight version was down more than 1%.  Utilities struggled again on higher interest rates and follow through on last week’s volatility around a few key names. Oil prices dropped hard on what appeared to be a reckoning that the demand picture may be weak if the economy is weak. 

With that backdrop, energy stocks and midstream struggled as well, but they outperformed utilities (-3.3%) and the S&P 500 energy sector (-5.4%, worst in the S&P 500).  Maybe midstream outperformed on natural gas price strength amid global LNG price supply concerns.