Utilities Sector Leads Market Decline Amid Thursday Trading

On Thursday afternoon, Utilities stocks took the lead as the underperformers, with a 1.0% loss. Within this sector, two major companies, NextEra Energy Inc (Symbol: NEE) and AES Corp (Symbol: AES), experienced significant declines of 7.4% and 4.1%, respectively. The Utilities Select Sector SPDR ETF (Symbol: XLU), which tracks this sector, fell by 1.3% for the day but is still up 6.73% year-to-date. In contrast, NextEra is down 6.78% year-to-date, while AES has lost 21.78% in the same timeframe. Together, these two stocks constitute approximately 11.6% of the XLU’s holdings.

Financial Sector Shows Minor Losses

Trailing closely behind, the Financial sector displayed a 0.3% loss. Notable declines among large financial stocks included Texas Pacific Land Corp (Symbol: TPL) and Humana Inc. (Symbol: HUM), which fell 6.0% and 5.3%, respectively. The Financial Select Sector SPDR ETF (XLF) managed to increase by 0.2% during midday trading and is up 4.60% year-to-date. Year-to-date performance shows Texas Pacific Land Corp gaining 15.43%, while Humana Inc. is down 7.53%.

Performance Comparison Over the Past Year

To provide a clearer perspective, below is a relative stock price performance chart depicting these stocks and ETFs color-coded as labeled in the legend:

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Sector Snapshot: Thursday Afternoon Trading

A look at the S&P 500 components reveals that only one sector is performing positively on Thursday, while six sectors are experiencing declines. Here’s a summary of sector performance:

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