{"id":68442,"date":"2023-10-03T22:36:01","date_gmt":"2023-10-04T02:36:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/utilities-stocks-decimated-by-rising-rates-fall-into-uncommon-trading-territory-bespoke-chart-shows\/"},"modified":"2023-10-03T22:36:04","modified_gmt":"2023-10-04T02:36:04","slug":"utilities-stocks-decimated-by-rising-rates-fall-into-uncommon-trading-territory-bespoke-chart-shows","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68442","title":{"rendered":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002573729\" role=\"document\">\n<p>Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0<\/p>\n<p>On Monday, the S&amp;P 500\u2019s utility sector closed \u201c3.2 standard deviations below its 50-day moving average which is the most oversold reading for the sector since February 2021,\u201d Bespoke said in a note emailed Tuesday. \u201cIt isn\u2019t often that you see the sector get this oversold.\u201d<\/p>\n<div class=\"paywall\">\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>In the past five trading days through Monday, the S&amp;P 500\u2019s utility sector has plunged 11.2% as Treasury yields have climbed, while the broader S&amp;P 500 index slipped just 1.1% over the same period, according to FactSet data.<\/p>\n<p>\u201cIn the short-term, the sector\u2019s 11% decline is the steepest five-day decline since last June,\u201d Bespoke said. \u201cBut the difference between these two periods is that back in June 2022, the S&amp;P 500 was down over 10% during that same five-day span while it\u2019s only down 1% in the current five-day span.\u201d<\/p>\n<p>Bespoke found that \u201cafter adjusting for the S&amp;P 500\u2019s performance, the utility sector is underperforming the S&amp;P 500 by the widest margin over a five-day period since October 2022.\u201d<\/p>\n<p>As for rising rates, the yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       jumped 11.9 basis points on Tuesday to 4.801%, after fresh economic data showed a rise in job openings in a growing U.S. economy. That\u2019s highest level since August 2007 based on 3 p.m. Eastern Time yields, according to Dow Jones Market Data.<\/p>\n<p>Two-year Treasury yields<br \/>\n        BX:TMUBMUSD02Y<span>,<\/span><br \/>\n       which have been trading above 10-year rates, climbed 3.8 basis points on Tuesday to 5.148%.<\/p>\n<p>Investors tend to turn to utilities as a defensive area of the stock market in an economic downturn. And while the sector is known for its dividend-paying stocks, higher bond yields have been attracting investors in the wake of the Federal Reserve\u2019s rate hiking campaign.\u00a0<\/p>\n<h4><strong>\u2018Negative momentum remains strong\u2019<\/strong><\/h4>\n<p>Fairlead Strategies founder Katie Stockton warned in a note in early September that the Utilities Select Sector SPDR Fund<br \/>\n        XLU<span>,<\/span><br \/>\n       an exchange-traded fund that tracks utilities stocks in the S&amp;P 500, had tumbled into \u201ca decisive breakdown.\u201d\u00a0<\/p>\n<p>\u201cThere are short-term signs of downside exhaustion, but negative momentum remains strong\u201d for the ETF, Fairlead Strategies said in a note Tuesday.\u00a0<\/p>\n<p>After tumbling 4.7% on Monday in its biggest daily drop since 2020, the S&amp;P 500 utility sector index<br \/>\n        XX:SP500.55<br \/>\n       closed 1.2% higher on Tuesday, but still well below its 50-day moving average.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Utilities stocks are by far the S&amp;P 500\u2019s worst-performing sector so far this year with a plunge of 19.5% through Tuesday, according to FactSet data. <\/p>\n<p>Investors have pulled almost $453 million from the Utilities Select Sector SPDR Fund this year through Monday, including $377 million over the past week. FactSet data show.\u00a0<\/p>\n<p>The S&amp;P 500 index, by contrast, still has gains of 10.2% in 2023 through Tuesday, as the index has been propped up by a small group of so-called Big Tech companies that have soared this year. But the index shed gains in both September and August amid worries over the recent surge in Treasury yields.<\/p>\n<p>The U.S. stock market finished sharply lower on Tuesday as rates continued to move higher, with the Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n      \u00a0 falling 1.3%, the S&amp;P 500<br \/>\n        SPX<br \/>\n       dropping 1.4% and the Nasdaq Composite<br \/>\n        COMP<br \/>\n       sliding 1.9%, FactSet data show.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/utilities-stocks-decimated-by-rising-rates-fall-into-uncommon-trading-territory-bespoke-chart-shows-dea04316?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday, the S&amp;P 500\u2019s utility sector closed \u201c3.2 standard deviations below its 50-day moving average which is the most oversold reading for the sector since February 2021,\u201d Bespoke said in a note emailed Tuesday. \u201cIt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":68443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-68442","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=68442\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=68442\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T02:36:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T02:36:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1696386962_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68442#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68442\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows\",\"datePublished\":\"2023-10-04T02:36:01+00:00\",\"dateModified\":\"2023-10-04T02:36:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68442\"},\"wordCount\":565,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=68442#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68442\",\"url\":\"https:\/\/ifintechworld.com\/?p=68442\",\"name\":\"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-04T02:36:01+00:00\",\"dateModified\":\"2023-10-04T02:36:04+00:00\",\"description\":\"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=68442#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=68442\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=68442#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld","description":"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=68442","og_locale":"en_US","og_type":"article","og_title":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld","og_description":"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,","og_url":"https:\/\/ifintechworld.com\/?p=68442","og_site_name":"iFintechWorld","article_published_time":"2023-10-04T02:36:01+00:00","article_modified_time":"2023-10-04T02:36:04+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1696386962_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=68442#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=68442"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows","datePublished":"2023-10-04T02:36:01+00:00","dateModified":"2023-10-04T02:36:04+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=68442"},"wordCount":565,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=68442#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=68442","url":"https:\/\/ifintechworld.com\/?p=68442","name":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-04T02:36:01+00:00","dateModified":"2023-10-04T02:36:04+00:00","description":"Utilities stocks have dropped into unusual territory, after being \u201cdecimated\u201d by rising interest rates, according to Bespoke Investment Group.\u00a0 On Monday,","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=68442#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=68442"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=68442#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Utilities stocks \u2018decimated\u2019 by rising rates fall into uncommon trading territory, Bespoke chart shows"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68442"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68442\/revisions"}],"predecessor-version":[{"id":68444,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/68442\/revisions\/68444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/68443"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}