Shares of power producers rose, and the sector fought back to the flat line for the year to date.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, is within 0.3% of breakeven for the year to date, cutting its losses from deep in the red earlier in the year.
Electricity consumption in the U.S. and elsewhere could see a marked increase given new technology developments, said one strategist.
"I've heard a number of comments regarding anticipated demand for utilities increasing due to AI and crypto mining," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"It was the worst performer out of 11 last year, this year, it's the second worst. It'll be interesting, one wonders if this may change in coming years as demand for power continues to increase," Joyce said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-11-24 1708ET
