Utilities Down as Treasury Yields Test Multiyear Highs
Dow Jones
Sep 19
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.
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