Shares of power producers fell sharply as Treasury yields rose.
The Select Sector SPDR Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, fell by 4%, approaching its lows for the year.
For most of the inflation-inspired rout in the broad stock market, the utilities sector has clung to positive territory for 2022. A recent increase in Treasury yields has presented competition for the dividend-oriented sector, however.
Investment firm Brookfield Asset Management's renewable-power unit agreed to buy wind and solar firm Scout Clean Energy for $1 billion.
Germany unveiled a wide-ranging price cap on energy in response to growing concerns among German businesses about potential bankruptcies and supply-chain disruptions.
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(END) Dow Jones Newswires