The Dow industrial average is now down -268 points or -0.80% at 33238.91. The S&P index is also negative by -26.54 points are -0.62% at 4261.76. The NASDAQ index after being up 1% is now trading up only 0.11% at 13234.
Leading that declines are the utility sector as rates move higher and take money away from that sector’s typical attraction. Higher borrowing costs also weigh on the capital intensive industry.
The 10-year yield is now up 11.6 basis points at 4.686%. The thirty-year is up 9.4 basis points of 4.8032%.
The utility index is down -16 points or 5.34% at 283.23. The decline is the worst since March 2020. The index is at its lowest level since June 2020.
S&P utility index is having its worst day since 2020