Shares of power producers fell as Treasury yields tested multiyear highs.

The yield on the two-year Treasury note closed at the highest level since July 2024. Yields on 10-year and 30-year Treasurys closed on the brink of 19-year highs.

The utilities sector has been under pressure because it is exposed to bond yield changes on multiple fronts.

The SPDR Select Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, fell by almost 1.4% Friday and is now down roughly 5% for the year to date.