Shares of power producers fell as traders stepped back from a sector that's been among the biggest gainers in the recent stock-market recovery.

One brokerage said investors it surveyed are still shopping for utilities, however. "Most investors agreed that the sector is undervalued and has not acted as defensively as expected post-Covid," said analysts at brokerage Morgan Stanley, in a note to clients.

The National Oceanic and Atmospheric Administration said it expects to see up to 19 named storms overall this year, including as many as 10 hurricanes, of which three to six are expected to be rated a major hurricane of Category 3 or higher -- a reflection of warming ocean temperatures. 


 Write to Rob Curran at rob.curran@dowjones.com