Exelon Corp. is a gas and electric utility headquartered in Chicago. It is a leading pure-play energy provider with transmission and distribution operations in the U.S., and it maintains over 11,000 miles of transmission lines. Exelon spun off its generation business in 2022, which was about 60% nuclear, as Constellation Energy. Constellation is now a publicly traded company (CEG) focused on generation and competitive distribution, while Exelon focuses on regulated transmission and distribution. Exelon shares were repriced as a result of this separation. As of the beginning of 2026, Exelon has about 9.1 million electric customers and 1.4 million gas customers through its six regulated utility subsidiaries. Its key service regions are primarily in central Maryland (Baltimore Gas & Electric Co.), northern Illinois (ComEd), and southeastern Pennsylvania (PECO). Revenues in 2025 were $24.3 billion, of which about half were contributed by ComEd and PECO. The company aims to cut emissions by 50% by 2030 and to achieve net-zero emissions by 2050. The shares are a component of the S&P 500. Exelon's market cap is about $47 billion.

Last week was a short one, with markets closed on Friday for the Juneteenth holiday. For the week, the Dow Jones Industrial Average and the S&P 500 both rose 1% and the Nasdaq rose 3%. Year to date, all three indices remain in positive territory, with the DJIA up 7%, the S&P up 10%, and the Nasdaq up 14%. The earnings calendar is quiet as we are in-between reporting seasons. Still, there are a few headliners, including reports from Carnival, Micron Technology, and Darden Restaurants. The big banks, including JP Morgan, Citigroup, and Bank of America, kick off the next reporting season on July 14. The economic calendar is light this week. On Thursday, new data will be released on Durable Goods, Personal Income, and the PCE Price Index. Turning to economic data, gas prices are still elevated but did drop 10 cents last week and are now at an average of $4.05 per gallon for regular gas. Elsewhere, the Atlanta Fed GDPNow forecasts GDP growth of 3.0% for 2Q, higher than the last read of 3.3%. The Cleveland Fed Inflation Nowcast calls for CPI of 4.01% June. Mortgage rates dropped five basis points last week, with the average 30-year fixed-rate mortgage now at 6.47%, according to FreddieMac. The next Federal Open Market Committee (FOMC) meeting is on Wednesday, July 29, and odds are at 0% for a rate cut at that meeting. After that, the next meetings are on September 16, October 28, and December 9. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 8% year to date. The leading emerging market ETF (EEM) is up 29% year to date. U.S. growth stocks are up 3% year to date looking at ETF IWF, while value stocks (IWD) are up 14%. Crude oil prices continue to be volatile. On Friday, oil was down to $77 per barrel, but still up 32% for the year. In other asset classes for the year to date, AGG bonds are down 1%, gold is down 5%, and Bitcoin is down 27%. The U.S. dollar is up 3%, tracking DXY. The VIX Volatility Index was about 17 on Friday, below its historical average of 20. Turning to sector performance, the list from first to worst so far in 2026 and as of June 19 is Information Technology (+26%), Communication Services (+22%), Energy (+19%), Materials (+19%), Industrials (+9%), Real Estate (+6%), Consumer Staples (+6%), Utilities (+3%), Consumer Discretionary (-2%), Financials (-2%), and Healthcare (-4%).

Exelon serves approximately 10 million power and gas customers at its six regulated utilities in Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C.

Exelon serves approximately 10 million power and gas customers at its six regulated utilities in Illinois, Pennsylvania, Maryland, New Jersey, Delaware, and Washington, D.C.