Shares of energy producers (NYSEARCA:XLU) fell sharply Wednesday, as U.S. Treasury yields lingered at multiyear highs, diminishing demand for dividend-oriented utility shares.
The yield on the 10-year Treasury notice closed at 4.625%, its highest stage since 2007.
The S&P 500 Utilities Index closed -1.9% after touching its lowest intraday stage since March 2021, after shedding 6% through the previous 5 classes.
NextEra Power (NYSE:NEE) plunged 8.2% Wednesday to steer losses on the index, after NextEra Power Companions (NEP) minimize its forecast for full-year run-rate adjusted EBITDA and its growth-rate expectations for restricted associate distributions.
On Tuesday, NextEra Power (NEE) introduced the sale of its Florida Metropolis Fuel utility to Chesapeake Utilities for $923M in money.
Amongst different important decliners in Wednesday’s buying and selling: American Water Works (AWK) -2.5%, NiSource (NI) -2.2%, DTE Power (DTE) -1.6%, Eversource Power (ES) -1.5%, Southern Co. (SO) -1.4%, Alliant Power (LNT) -1.4%, Consolidated Edison (ED) -1.3%, PPL Corp. (PPL) -1.3%, Wisconsin Power (WEC) -1.3%, Dominion Power (D) -1.3%.