Market Analysis: Utilities and Consumer Products Suffer Friday Market Analysis: Utilities and Consumer Products Suffer Friday

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By Ronald Tech

Friday afternoon witnessed Utilities stocks and Consumer Products taking a beating in the market. Utilities stocks, in particular, exhibited a grim 0.3% loss, with American Water Works Co, Inc. (AWK) and WEC Energy Group Inc (WEC) being the two significant players in the sector experiencing setbacks of 2.0% and 1.6%, respectively. As for utilities ETFs, the Utilities Select Sector SPDR ETF (XLU) remained unchanged for the day but showcased a 3.37% rise year-to-date. Contrastingly, American Water Works Co, Inc. saw a staggering 10.08% decline year-to-date, while WEC Energy Group Inc faced a 4.23% downturn over the same period. Together, AWK and WEC accounted for roughly 5.0% of XLU’s holdings.

Consumer Products, on the other hand, struggled with a 0.2% decrease. Tesla Inc (TSLA) and Hormel Foods Corp. (HRL) emerged as prominent names in the sector, plunging by 3.5% and 1.6%, respectively. The iShares U.S. Consumer Goods ETF (IYK) closely monitoring Consumer Products remained stable throughout the day and displayed a 3.05% growth year-to-date. Tesla Inc faced a significant 33.52% decline in the year so far, while Hormel Foods Corp. managed to secure an 8.70% increase in its year-to-date performance. HRL comprised around 0.5% of IYK’s underlying holdings.

Examining these stocks and ETFs over a trailing twelve-month period, a relative stock price performance chart highlights each symbol in distinctive colors as indicated in the legend below:

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Furthermore, here’s a snapshot of the S&P 500 components within the various sectors and how they fared in Friday afternoon trading. Notably, seven sectors witnessed an upsurge, while two sectors experienced a downturn.

Sector % Change
Industrial +0.9%
Energy +0.8%
Healthcare +0.7%
Technology & Communications +0.5%
Services +0.4%
Financial +0.4%
Materials +0.3%
Consumer Products -0.2%
Utilities -0.3%
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