WMTMT◆
WHAT MOVED THE MARKET TODAY
DAILY NOTES

Energy · Select Sector

21 stocks · cap-weighted, ETF-derived weights · Aug 25, 2026 close
62.07
+14.06 (+29.29%)
XLE 62.07 · +14.1 pts (+29.29%) 5Y
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
182.52145.66108.8071.9435.08EW +253.03%H 98.08 · Apr 5L 44.13 · Dec 18
Aug 17, 2021Nov 16, 2022Feb 22, 2024May 21, 2025Aug 25, 2026
Breadth
21 / 21
stocks rose with the index
Concentration
100%+
of the gain from CVX, COP, MPC
Biggest driver
CVX +10.31
CHEVRON CORP, +143.72%
Biggest drag
none
all 21 members advanced

What drove it

21 members · drivers first · 5Y · residual 11785.6bp exceeds 60bp gate

The XLE rose 29.29% (+14.06 pts) over five years, and more than all of that gain came from just three stocks: CVX, COP, MPC.

Read the latest market-close note: Nvidia and Goldman Sachs Lead a Narrow Advance as Energy and Staples Slide

+63.4 pts from 21 gainers−0.0 pts from 0 losers
net +14.1 pts · gainers outweigh losers 634.2 to 1
Stock
Points
Return
XLEsum of all 21 stocks
+14.1
100%
+29.29%
CVXCHEVRON CORP
+10.3
73%
+143.72%
COPCONOCOPHILLIPS
+6.8
48%
+186.82%
MPCMARATHON PETROLEUM CORP
+5.5
39%
+593.32%
VLOVALERO ENERGY CORP
+5.0
36%
+524.75%
TRGPTARGA RESOURCES CORP
+4.5
32%
+633.82%
PSXPHILLIPS 66
+4.1
29%
+304.10%
WMBWILLIAMS COS INC
+4.0
28%
+265.82%
KMIKINDER MORGAN INC
+3.1
22%
+144.37%
BKRBAKER HUGHES CO
+2.8
20%
+222.75%
EOGEOG RESOURCES INC
+2.8
20%
+179.91%
FANGDIAMONDBACK ENERGY INC
+2.3
17%
+242.16%
OKEONEOK INC
+2.2
16%
+131.89%
DVNDEVON ENERGY CORP
+2.2
15%
+120.07%
OXYOCCIDENTAL PETROLEUM CORP
+1.6
11%
+159.60%
EQTEQT CORP
+1.4
10%
+239.21%
SLBSLB LTD
+1.2
8%
+118.84%
TPLTEXAS PACIFIC LAND CORP
+1.1
8%
+149.73%
HALHALLIBURTON CO
+0.9
6%
+94.15%
XOMEXXONMOBIL HOLDINGS CORP
+0.9
6%
+8.60%
EXEEXPAND ENERGY CORP
+0.6
4%
+117.82%
APAAPA CORP
+0.4
3%
+183.09%
Cap weighting, illustrated

CONOCOPHILLIPS and APA CORP moved almost identically (+186.82% vs +183.09%), yet COP moved the XLE 15.9× as much. In a cap-weighted index, the bigger company's weight turns the same percentage move into far more points.

Attribution map

slicing the +14.06 pt move · cell size = points contributed · color = direction, intensity = return
CVX+10.3 pts(+143.7%)
COP+6.8 pts(+186.8%)
MPC+5.5 pts(+593.3%)
VLO+5.0 pts(+524.8%)
TRGP+4.5 pts(+633.8%)
PSX+4.1 pts(+304.1%)
WMB+4.0 pts(+265.8%)
KMI+3.1 pts(+144.4%)
BKR+2.8 pts(+222.7%)
EOG+2.8 pts(+179.9%)
FANG+2.3 pts
OKE+2.2 pts(+131.9%)
DVN+2.2 pts
OXY+1.6 pts
EQT+1.4 pts
SLB+1.2 pts
TPL
HAL+0.9 pts
XOM
EXE
APA

Concentration curve

cumulative share of the +14.06 pt move · sorted by contribution
0%50%100%5111621stocks:3 stocks = 161%100% covered at 2

When they drove it

cumulative points through the period
0CVX +10.31COP +6.76MPC +5.51Aug 17Aug 25

Breadth

member returns, this period
0%+200%+400%+600%
From +8.60% (XOM) to +633.82% (TRGP). Equal-weight, the XLE would be +253.03% vs the actual +29.29%; the gap is what cap weighting did.

By sector

point contribution · sums to +14.06 pts
-21
+63.4

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUG

Share this move

pick a view, download it as a 16:9 PNG
What moved the market, in your inbox
The daily note publishes here after every close; the week's story lands in your inbox on Fridays, free. Read the daily notes.
Babylon Burns

WMTMT is built by the founders of Babylon Burns, a letter on markets, macro, and the systems behind them. The numbers live here; the arguments live there. Subscribing below joins the Babylon Burns letter.

SESSIONSETTLEDBOARDXLE 5YMEMBERS21RESIDUAL11785.6BP / 60BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM