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Weak U.S. Data shifts momentum to Utilities and Consumer Staples ETFs
U.S Stocks closed lower on Wednesday following the Federal Reserve periodic "Beige Book" that shows U.S. economic activity slowed this summer.
By Rony Abboud
0
- United States
- Utilities
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U.S Stocks closed lower on Wednesday following the Federal Reserve periodic "Beige Book" that shows U.S. economic activity slowed this summer amid worries over rising covid-19 cases, mounting supply chain problems and labor shortages.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq composite inched lower yesterday. Material, Energy and Technology shares were the biggest losers, while Defensive shares, including consumer staples and utilities, made broad gains.
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Consequently, Utilities Select Sector SPDR® Fund (XLU), one of the largest U.S Utilities ETFs with $13.64 billion in assets gained 1.79% yesterday. Similarly, SPDR Consumer Staples Select Sector Fund (XLP) and SPDR S&P Telecom ETF (XTL) fared well.
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