Utilities Up, Lead '24 Market Sectors, as Treasury Yields Linger Near Lows — Utilities Roundup
Shares of power producers rose as Treasury yields remained near multiyear lows.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, rose 1% and crossed the $80 level for the first time, bringing year-to-date gains to roughly 25%, by far the strongest of the 11 S&P 500 sectors for the year to date.
One brokerage said a recent rally in defensive sectors may now be overdone. "Labor data will be the most important factor in terms of how equities trade through year end," said strategists at brokerage Morgan Stanley. "Defensives' valuation has reached extended levels and the market awaits for more clarity on the labor data."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
September 23, 2024 18:08 ET (22:08 GMT)
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