Shares of power producers rose as traders rotated back into defensive sectors due to AI nerves.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, rose by more than 1% and is now more or less flat for the year to date.
Utilities have given back most of their gains because of rising Treasury yields, which provides fixed-income investors a safer alternative to the substantial dividend yields on utility stocks.
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