Correction, 9/21/2026. The percentage moves in this report were measured from each session's opening price to its close, not from the previous session's close, which is how a daily change is normally stated. The figures in the text are those open-to-close moves. The tables now label them as such and add each name's daily change against the prior close. Measured against the prior close, 11 of the 19 names in the tables moved in the opposite direction from the one given in the text: URA (printed -0.26%, daily change +1.08%); LIT (printed -0.20%, daily change +1.21%); TAN (printed -0.37%, daily change +0.55%); ICLN (printed -0.28%, daily change +0.17%); XOM (printed +1.11%, daily change -1.38%); CVX (printed +0.70%, daily change -2.46%); FCX (printed -1.27%, daily change +0.19%); NEM (printed -1.49%, daily change +0.30%); B (printed -0.69%, daily change +0.73%); AEM (printed -0.51%, daily change +0.57%); CCJ (printed -1.33%, daily change +1.70%). Closing prices are unaffected and were correct as published.
The energy complex closed Monday's session in disarray, with the Energy Select Sector SPDR (XLE) falling -0.09% as weakness spread across most subsectors—yet the day's most striking feature was the resilience of select supermajors that defied the broader downdraft. ExxonMobil (XOM) advanced +1.11% to close at $154.77, while Chevron (CVX) gained +0.70% to finish at $190.00, standing in stark contrast to the carnage that gripped exploration-focused producers and specialty materials plays.
The divergence between integrated majors and the rest of the energy landscape marked a sharp reversal from recent sessions that had seen exploration and mining stocks lead rallies. Monday's action suggested investors rotated decisively toward the perceived safety of large-cap balance sheets and diversified revenue streams, abandoning the higher-beta segments that had recently outperformed.
Exploration and Production Under Pressure
Exploration and production equities bore the brunt of Monday's selling pressure. The SPDR S&P Oil & Gas Exploration (XOP) declined -0.49%, reflecting broad weakness across the independent producer universe. ConocoPhillips (COP) fell -1.40% to $115.58, while Occidental Petroleum (OXY) retreated -1.10% to close at $54.93. The weakness extended to international majors, with BP plc (BP) slipping -0.54% to $42.31 and Shell plc (SHEL) declining -0.79% to $86.37.
The session's worst performer underscored the severity of the selloff: Newmont (NEM) plummeted -1.49%, leading all decliners in the energy complex. The magnitude of losses across the exploration segment suggested concerns about near-term production economics or demand expectations had overtaken the optimism that characterized recent trading days.
Metals and Mining Divergence Deepens
The mining and metals space exhibited its own internal fractures. Precious metals traded lower, with Gold falling to $4,073.07 per ounce and Silver declining to $58.36. Gold-focused miners followed suit, as Newmont (NEM) dropped -1.49% to $93.47, Barrick Mining (B) fell -0.69% to $37.38, and Agnico Eagle Mines (AEM) retreated -0.51% to $145.96.
Copper miners presented a mixed picture that defied the broader metals selloff. Freeport-McMoRan (FCX) declined -1.27% to $62.72, yet Southern Copper (SCCO) bucked the trend entirely, rising +0.67% to close at $179.32. The divergence between the two major copper producers suggested company-specific factors or regional considerations outweighed broader commodity sentiment.
The rare earths and specialty materials segment also found a pocket of strength. MP Materials (MP) climbed +4.18% to $43.13, emerging as MP Materials (MP) with a gain of +4.18%. This outperformance stood in sharp relief against the uranium sector's struggles, where Cameco (CCJ) fell -1.33% to $89.35 and the Global X Uranium ETF (URA) declined -0.26%.
