- One of the most defensive areas of the stock market has been obliterated by rising interest rates.
- Utility stocks are down 24% year to date and are the worst performing sector of 2023.
- The high-yielding nature of utility stocks is seeing intense competition from 5% cash returns.
One of the most defensive areas of the stock market has been obliterated by rising interest rates this year.
The utility sector is down a whopping 24% year to date, as measured by the Utilities Select Sector SPDR ETF, making it the worst performing sector of 2023 so far. The sector was down 5% alone on Monday.
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