Several companies have warned that upcoming earnings results could take a hit.
Major oil and gas companies, which scrambled to abandon operations in Russia following the invasion of Ukraine in late February, are now warning that doing so will result in billions of dollars of losses. The S&P 500 energy sector has surged nearly 40% this year, far outperforming the broader benchmark index, which is down roughly 6% in 2022. Shares of BP are up more than 11% this year, with Shell rising 26%, ExxonMobil 37% and Equinor 46%.
