Shares of power producers rose as traders rotated back into defensive sectors due to AI nerves.

The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, rose by more than 1% and is now more or less flat for the year to date.

Utilities have given back most of their gains because of rising Treasury yields, which provides fixed-income investors a safer alternative to the substantial dividend yields on utility stocks.