Power Producers Gain as Defensive Play — Utilities Roundup
Power producers got a boost as a defensive play while traders grappled with uncertainty about when the Federal Reserve might next boost rates.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, built on Friday's gains, climbing 0.7%.
Duke Energy Florida said it would reduce electric rates for a second time this year, beginning in June to reflect anticipated lower fuel prices.
ASP Isotopes shares climbed 5.2% after the company entered into a contract with a U.S.-based small modular reactor company. Under the contract, ASP Isotopes will design and plan an enrichment facility for the production of nuclear fuels that are expected to be used in next-generation nuclear reactors.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
April 08, 2024 17:11 ET (21:11 GMT)
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