Utilities Sector Falls 13%, Constellation Energy Gains Amid PG&E Declines
The utilities sector (XLU) fell by 13.01% during the quarter, underperforming compared to a 2.04% gain for the S&P 500 index. The decline was particularly pronounced in the first eight trading sessions after the Federal Reserve's rate hike, with the sector dropping 4.36%, marking its weakest performance following such an event. Despite overall weakness, Constellation Energy showed gains within a broader market of declining utilities stocks. PG&E led among the decliners, contributing to the sector’s poor quarterly results.
