Exxon and Chevron surge as oil rises; gold keeps getting clobbered

Exxon and Chevron jumped again on Friday, the two largest positive contributors to the S&P 500 as of midday, even as the broader market remained mired in the red.

The two giant US energy companies are also on track to notch another in a series of new all-time highs as well Friday, and for obvious reasons.

Energy continues to be the bright spot for the S&P 500 since the start of the Iran war. (It is the only gainer of the 11 separate sectors that compose the blue-chip index, rising more than 7% in March.)

But energy’s gain has come with pain elsewhere. Since rising gas prices work mechanically as a tax on other forms of consumer spending, staples stocks have been hit hard, with the sector down more than 6% this month alone. Meanwhile, the inflationary pressure pushing the Fed away from further rate cuts continues to hit precious metals and miners. SPDR Gold Shares ETF and iShares Silver Trust futures both fell further on Friday; they’re down roughly 10% and 15% for the week, respectively, and producers like Newmont and Freeport-McMoRan also continue to drop.