Utility stocks are the S&P 500’s worst-performing sector on Monday, down about 3% versus the broad benchmark’s 0.3% gain. Nearly every stock in the index was recently down.
What is driving the pullback?
Bond yields are up today. They compete with the dividends [utilities stocks are known for](ht
Farallon has nominated three directors to the board of Exelixis, which develops cancer-fighting drugs.
Beijing is holding back its required green light for mergers that involve American companies as a technology war with Washington intensifies.
All those tech layoffs are starting to show up in employment statistics, but they still show little sign of spreading to other sectors.
