U.S. bond yields rose Thursday morning, erasing much of Wednesday’s relief after the Treasury Department announced plans to increase purchases of longer-dated government debt. According to an analysis of the S&P 1500 by CNBC Pro, energy stocks show the strongest negative correlation with the TLT ETF (iShares 20+ Year Treasury Bond), which tracks U.S. bonds with maturities over 20 years. ConocoPhillips had the strongest inverse relationship with a 60-day correlation of -0.65, followed by Permian Resources and ExxonMobil at -0.61. Other oil majors including Chord Energy, Chevron, Devon Energy, Occidental Petroleum, SM Energy, Ovintiv, EOG Resources, Viper Energy, APA, Diamondback Energy and Matador Resources also exhibit this inverse pattern. Chemical manufacturers LyondellBasell and Dow show negative correlations of -0.51 and -0.49 respectively.
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