Wolfe Research pointed to recent gains and inflows within this group.
Wolfe Research knows its excitement around utilities is unusual. "Utilities are the hottest sector in the market currently," Rob Ginsberg, the firm's managing director, wrote in an email to clients on Thursday. "When was the last time someone said that? It's been a while." Despite sliding in Thursday's session, the Utilities Select Sector SPDR fund is still around 6% over the past month. It's also higher by about 10% on the quarter and more than 18% for 2024.
In fact, he said net weekly inflows have been positive for 14 of the passed 16 weeks. Looking under the hood, Ginsberg there's strength in the sector, which includes names like PG & E and NextEra . More than four out of every five stocks in the S & P 1500 utilities sector are in an "uptrend" using Wolfe's model. However, Ginsberg listed NRG Energy and Southwest Gas Holdings as two of the handful of members that investors should avoid.
Stock Markets Utilities Select Sector SPDR Fund PG&E Corp Nextera Energy Inc NRG Energy Inc Southwest Gas Corp Business News
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