How Utility Stocks Fared in the Market Rout Last Week
After a fairly positive start, utilities tumbled later last week and closed 1.3% lower. In comparison, the broader markets lost ~4% during the week. The sell-off last week pushed the S&P 500 to a three-month low after fresh trade war tensions weighed mainly on the technology and industrial sectors. The defensives such as utilities fared better as investors turned to safe-haven options, given their higher yields and stable price movements.