XLU - Utilities stocks broadly lower as risk assets rally for second straight day

2023-03-21 12:56:13 ET

Utilities stocks dominate the list of the S&P's biggest losers Tuesday, as investors shunned safe haven stocks as risk assets rallied for the second straight day.

The utilities sector is the day's worst performer, -2.9% , with 12 of the 15 biggest losers coming from the group: Consolidated Edison ( ED ) -4.5% , Atmos Energy ( ATO ) -4.5% , WEC Energy ( WEC ) -4.4% , Alliant Energy ( LNT ) -4.3% , Ameren ( AEE ) -4.3% , Xcel Energy ( XEL ) -4.3% , CenterPoint Energy ( CNP ) -4.2% , CMS Energy ( CMS ) -4.2% , NiSource ( NI ) -3.9% , American Electric Power ( AEP ) -3.8% , American Water Works ( AWK ) -3.6% , Dominion Energy ( D ) -3.6% .

Utility stocks have largely sold off since August, and many stocks in the sector are trading at double-digit discounts to historical valuations, Eric Landis writes in an analysis newly published on Seeking Alpha .

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