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Energy stocks lead on August's final trading day amid rising oil prices, while utilities are under pressure from California legislation
Energy stocks, including Chevron and Exxon, led the market on Monday as rekindled Middle East conflict pushed oil prices higher. Conversely, utilities, such as PG&E Corporation, faced pressure due to new California legislation creating uncertainty around wildfire liabilities. The broader market saw early declines due to increased September rate hike probabilities and weekend US-Iran exchanges of fire, though major indexes are set for solid monthly gains.
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