Shares of power producers ticked down, but remained sharply higher for the year to date, as traders positioned themselves for a decline in Treasury yields.
Recent softness in retail-sales and inflation data has spurred bets on rate cuts.
"Investors are now more confident that at least one U.S. Federal Reserve interest rate cut remains on the table for 2024," said Saira Malik, chief investment officer at money manager Nuveen.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of hte S&P 500, is up 12% for the year to date.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-20-24 1732ET
