Utilities Down Amid Cyclical Bias -- Utilities Roundup

02/06/18 04:59 PM EST

Shares of power-plant operators declined as the prevailing sectoral trends of the last six months, rising cyclical stocks and falling defensive stocks, re-established themselves after last week's reversal. Utilities did not suffer as much as cyclical stocks in the stock-market correction, noted analysts at brokerage Goldman Sachs, in a research note. While losses on bond proxies such as utilities were less severe than those of the broad Standard & Poor's 500 on Friday and Monday, they are deeper into the red for the year-to-date. The SPDR Utilities Select Sector exchange-traded fund, which tracks the price of the S&P 500 utility sector, is down about 15% since its November highs, while the broad market is up more than 5% over the same period.

-Rob Curran, rob.curran@dowjones.com

 

(END) Dow Jones Newswires

February 06, 2018 16:59 ET (21:59 GMT)

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