Shares of power producers rose as momentum built in the sector.
The SPDR Utilities Sector exchange-traded fund, which tracks the utilities industry group of the broad S&P 500, rose by more than 1% and has now surged by more than 10% in the last month alone.
"The fact utilities have been perking up has made us more worried about the market, as historically they are 'defensives' but we have seen some comments that they may be more 'growthy' than usual nowadays, as electricity demand is forecast to rise," said analysts at research firm Redburn Atlantic.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-09-24 1737ET
