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Executive Summary

Utilities’ Lackluster Momentum in 2024 Means 2nd Half Opportunity

By Roger S. Conrad on Jul. 8, 2024

After an up and down month, the Dow Jones Utility Average’s year-to-date return is now just 5 percent. That’s still a percentage point better than the Dow Jones’ Select Dividend Index. But utilities are now well behind the Nasdaq 100’s 21.7 percent and the S&P 500 at 17.5 percent.

Interest rates remain the key driver of utility stock returns. And with money market funds yielding north of 5 percent and the Federal Reserve still not pivoting to lower rates, price momentum is against us.

My feature article highlights the generally lackluster sector-by-sector first half 2024 action. But as I also point out, the utility business still has a great deal of growth momentum.

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