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 patrick.sullivan@wsj.com

(END) Dow Jones Newswires

05-29-24 1725ET