Utilities tumble as 10-year yield hits another nine-month high
Gargolas/iStock via Getty Images
Utilities stocks fell across the board Thursday, as investments particularly sensitive to interest rate moves felt the pain of U.S. Treasury yields rising to fresh nine-month highs.
The Utilities Select Sector SPDR Fund (NYSEARCA:XLU), the top ETF, closed -2.3% to its lowest in more than a month, after falling more than any other sector last week.
Of the 30 stocks in the ETF, 28 posted losses: (AEE) -1.7%, (AEP) -2.9%, (AES) -1.8%, (ATO) -2.6%, (AWK) -2.4%, (CMS) -3.2%, (CNP) -1.3%, (D) -3%, (DTE) -3.2%, (DUK) -2.3%, (ED) -3.2%, (EIX) -1.7%, (ES) -2.4%, (ETR) -3.1%, (EVRG) -2.2%, (EXC) -2.4%, (FE) -3.7%, (LNT) -2.8%, (NEE) -2.5%, (NI) -2.7%, (PCG) -1.5%, (PEG) -3.1%, (PNW) -3.9%, (PPL) -2.5%, (SO) -3.3%, (SRE) -2.4%, (WEC) -1.4%, (XEL) -2.5%.
The only two gainers in the group were NRG Energy (NRG), +0.8%, and nuclear play Constellation Energy (CEG), +5.8% and scoring an all-time high after routing Q2 earnings estimates and raising guidance.