Shares of power producers fell as Treasury yields extended their recent gains.

The yields rose after the Treasury auctioned seven-year notes at a yield of 4.65%, higher than the market yield at the time. Investors worry that demand for Treasurys may not keep up with supply, pressuring yields higher.

The Utilities Select Sector SPDR exchange-traded fund ended at its lowest level in three weeks but remains up about 11% for the year to date, having been buoyed by expectations that computers that operate AI semiconductor chips will boost demand for electrical power.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-29-24 1725ET