XLU drops again
After gaining 3.4% the previous week, the Utilities Select Sector SPDR ETF (XLU) was down 2.4% during the week ending March 27.
Interest rate worries re-emerged with yields on one-year Treasury bonds going up to 14 basis points (or bps) on March 27, from 11 bps on March 23. During the same period, the broad-based SPDR S&P 500 ETF Trust (SPY) dropped 2.2%. SPY is a key ETF that tracks the S&P 500 benchmark index. The iShares Core S&P 500 ETF (IVV) also tracks the S&P 500.
There were far more losers than gainers in the sector during the week ending March 27.
Covanta Holding Corp. (CVA) lost 5.8% to end the week at $21.51 with a market capitalization of $2.9 billion. NRG Energy (NRG) continued to be among the top losers with a 4.9% fall. NRG Energy closed March 27 at $24.20 with a market capitalization of $8.2 billion.
FirstEnergy Corporation (FE) lost 4.8% to end the week at $34.64 with a market capitalization of $14.6 billion. CMS Energy (CMS) completed the list of the top four losers with a 3.9% drop to end at $34.28.