Trump's Pro-Oil Stance Signals Policy Shifts in Energy Sector

The energy sector surged the day after Donald Trump’s 2024 presidential victory, with the Energy Select Sector SPDR Fund (XLE), representing energy stocks in the S&P 500, climbing nearly 4%. This rally reflects market optimism for fossil fuel investments under Trump’s anticipated pro-oil and gas policies. In contrast, renewable energy companies faced declines, with U.S. solar giant First Solar dropping over 10%. These market reactions hint that Trump’s second term will prioritize traditional energy sectors, potentially limiting…