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.
France Dernières Nouvelles, France Actualités
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