Utilities stocks 'decimated' by rising rates fall into uncommon trading territory, Bespoke chart shows

On Monday, the S&P 500’s utility sector closed “3.2 standard deviations below its 50-day moving average which is the most oversold reading for the sector since February 2021,” Bespoke said in a note emailed Tuesday. “It isn’t often that you see the sector get this oversold.”

Bespoke found that “after adjusting for the S&P 500’s performance, the utility sector is underperforming the S&P 500 by the widest margin over a five-day period since October 2022.” Two-year Treasury yields BX:TMUBMUSD02Y, which have been trading above 10-year rates, were up about five basis points on Tuesday afternoon at around 5.15%, FactSet data show, at last check.

“There are short-term signs of downside exhaustion, but negative momentum remains strong” for the ETF, Fairlead Strategies said in a note Tuesday.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Falling Utilities, Rising Yields Weigh on StocksBenchmark 10-year Treasury yield tops 4.7% intraday.
Source: WSJ - 🏆 98. / 63 Read more »

Utilities stocks suffer worst day since 2020 as Treasury yields resume climbThe S&P 500 utilities sector falls to its lowest since June 2020 as Treasury yields resume their climb.
Source: MarketWatch - 🏆 3. / 97 Read more »

European stocks steady as banks offset declines in utilities By ReutersEuropean stocks steady as banks offset declines in utilities
Source: Investingcom - 🏆 450. / 53 Read more »

Crypto Investment Firm Deus X Capital Launches With $1B in AssetsThe family office backed investment and operating company begins with an initial $1 billion of assets.
Source: CoinDesk - 🏆 291. / 63 Read more »