Shares of power producers ticked down as traders rotated into sectors more closely tied to economic growth following strong consumer sentiment data.
The utilities sector is expected to report the strongest rate of earnings growth of any of the 11 S&P 500 industry groups for the fourth quarter, according to research firm LSEG I/B/E/S.
The SPDR Select Sector utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, is down about 5% for the year to date, as traders continue to retreat from a sector that fares well when Treasury yields are low and economic growth slowing.
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