Shares of power producers fell as long-term Treasury yields rose and Californian utilities slumped.
Shares of West Coast utilities fell after the California State Assembly removed a provision for utilities' liability protection from a wildfire bill.
PG&E, which filed for bankruptcy in 2019 because of wildfire liabilities tumbled by 20%. Rival Edison International fell 23%. Sempra declined by a more modest 3%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.