Wednesday Sector Laggards: Utilities, Technology & Communications

Looking at the sectors faring worst as of midday Wednesday, shares of Utilities companies are underperforming other sectors, showing a 1.3% loss. Within that group, Evergy Inc (Symbol: EVRG) and Consolidated Edison Inc (Symbol: ED) are two of the day's laggards, showing a loss of 3.4% and 2.8%, respectively. Among utilities ETFs, one ETF following the sector is the Utilities Select Sector SPDR ETF (Symbol: XLU), which is down 1.1% on the day, and down 5.47% year-to-date. Evergy Inc, meanwhile, is down 16.22% year-to-date, and Consolidated Edison Inc, is down 16.72% year-to-date. Combined, EVRG and ED make up approximately 4.7% of the underlying holdings of XLU.

The next worst performing sector is the Technology & Communications sector, showing a 0.1% loss. Among large Technology & Communications stocks, Arista Networks Inc (Symbol: ANET) and Microchip Technology Inc (Symbol: MCHP) are the most notable, showing a loss of 10.3% and 7.5%, respectively. One ETF closely tracking Technology & Communications stocks is the Technology Select Sector SPDR ETF (XLK), which is up 0.3% in midday trading, and up 24.78% on a year-to-date basis. Arista Networks Inc, meanwhile, is up 16.47% year-to-date, and Microchip Technology Inc, is down 4.47% year-to-date. Combined, ANET and MCHP make up approximately 0.5% of the underlying holdings of XLK.

Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:

Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Wednesday. As you can see, six sectors are up on the day, while two sectors are down.

Sector % Change
Materials +2.6%
Energy +1.5%
Industrial +1.3%
Consumer Products +1.2%
Financial +1.2%
Healthcare +0.3%
Services -0.0%
Technology & Communications -0.1%
Utilities -1.3%

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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