Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022. In 2025, value stocks and growth stocks had similar returns, with growth advancing 13.8% and value returning 13.6%. That's a recent rarity, as for the past decade-plus, the performance record has favored growth. But in 2022, the rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy and regional banks), and value stocks outpaced growth stocks that year. While growth stocks led for a few years after that, value stocks are back in the picture as investors rotate out of higher-priced AI growth stocks in search of more reasonable valuations. Value stocks tend to be more resilient in times of market uncertainty and higher volatility as they are less likely to overreact to economic news. In any event, the value sector is the place to achieve income.

National Fuel is an integrated energy company with approximately $8.7 billion in assets. The regulated gas utility operation distributes and transports gas to approximately 750,000 customers in northwestern Pennsylvania and western New York. The E&P segment, Seneca Resources, produces crude oil and natural gas in Appalachia. The pipeline & storage segment owns and operates natural gas pipelines running from Pennsylvania through western New York to the Canadian border near Buffalo. The company has 2,100 employees. The shares are a component of the S&P 400 Midcap Index.

The latest check on the labor market is coming this week by way of the January jobs report. Meanwhile, the earnings flood continues. Stocks were volatile last week following President Trump's nomination of Kevin Warsh to head the Federal Reserve. The Dow Jones Industrial Average fell 0.3%, the S&P 500 was up 0.4%, and the Nasdaq was flat. So far this year, the Dow has gained 2%, while the S&P 500 and the Nasdaq are both up 1%. On the earnings calendar, Palantir and Walt Disney report on Monday; Advanced Micro Devices, Merck, PepsiCo, Amgen, and Pfizer on Tuesday; Alphabet, Eli Lilly, and Uber on Wednesday; Amazon and Bristol-Myers Squibb on Thursday; and Toyota, Philip Morris, and Biogen on Friday. Only 33% of S&P 500 companies have reported so far in this earnings round, and overall earnings are up 11% from last quarter. Information Technology, up 30%, and Communication Services, up 11%, are leading the pack. On the bottom are Healthcare, down 3%, and Industrials, down 1%, this according to LSEG I/B/E/S. On the economic calendar, the January jobs report is due out on Friday. The new data will compare to growth of 50,000 jobs and an unemployment rate of 4.4% in December. In other news, data on auto sales and ISM manufacturing is out on Monday; the JOLTS report (Job Openings and Labor Turnover Survey) hits on Tuesday; and private payrolls data from ADP will be released on Wednesday. Turning to other data, the Atlanta Fed GDPNow growth forecast is now at 4.2% for the fourth quarter. That's a big drop from the 5.4% forecast last week. The Cleveland Fed Inflation Nowcast calls for a 2.4% rate in January. That compares to the December print of 2.7%. Mortgage rates ticked up one basis points last week, with the average 30-year fixed-rate mortgage now at 6.10%, according to FreddieMac. Gas prices went up a nickel and are now at an average of $2.85 per gallon for regular gas. The next Federal Open Market Committee meeting is on March 18. Odds are at 16% for a 25-basis-point interest-rate cut at that meeting, according to the CME FedWatch rate tool. Now that President Trump has nominated Kevin Warsh to be the next chairman of the Federal Reserve, Congressional hearings to consider the nomination will start soon. Jerome Powell will step down from that role in May. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 5% year to date, while the leading emerging market ETF EEM is up 8%. U.S. growth stocks are down 2% year to date, looking at ETF IWF, while value stocks (ETF IWD) are higher by 3%. In other asset classes for the year to date, AGG bonds are flat, gold is up 10%, crude oil is up 11%, and Bitcoin is down 5%. The U.S. dollar is down 1%, tracking DXY. The VIX Volatility Index settled Friday at 17.44, down from a high of 26 in late November. Finally, here is a look at leading and lagging sectors so far for 2026. Materials (+10.0%), Energy (+10.0%), Consumer Staples (+6.6%), and Industrials (+5.8%) are the top performers. In the middle are Consumer Discretionary (+3.2%), Real Estate (+2.0%), and Healthcare (+1.6%). Communication Services, (+0.4%), Financials (-0.3%), Utilities (-0.3%), an Information Technology (-1.3%) close out the list.

National Fuel is an integrated energy company with approximately $8.7 billion in assets. The regulated gas utility operation distributes and transports gas to approximately 750,000 customers in northwestern Pennsylvania and western New York. The E&P segment, Seneca Resources, produces crude oil and natural gas in Appalachia. The pipeline & storage segment owns and operates natural gas pipelines running from Pennsylvania through western New York to the Canadian border near Buffalo. The company has 2,100 employees. The shares are a component of the S&P 400 Midcap Index.