Shocker Of 2024: Utilities Overtake Tech Sector — 10 Stocks Behind The Shift
Shocker Of 2024: Utilities Overtake Tech Sector — 10 Stocks Behind The Shift
If you were asked at the beginning of 2024 to imagine the top sectors of the S&P 500 for the first four months of the year, you'd likely have pegged technology and consumer services as the frontrunners, leaving others far behind.
如果你在2024年初被要求想象今年前四個月標普500指數的主要板塊，那麼你可能會將科技和消費者服務視爲領跑者，而其他板塊則遠遠落在後面。
If someone had told you that utilities, the underperformers of 2023 with a 7% drop, would outperform the tech sector, you'd probably have thought they were pulling your leg.
如果有人告訴你，公用事業——2023年表現不佳的股票，跌幅爲7％，其表現將超過科技行業，那麼你可能會以爲他們正在站穩腳跟。
Against all odds, here we are. Since the start of the year, tech is now up 2.6%, while utilities surged over 8%.
儘管困難重重，但我們在這裏。自年初以來，科技股上漲了2.6％，而公用事業漲幅超過8％。
Amid market pullbacks over the past month, utilities emerged as the unlikely victors, defying the prevailing trend and surging in year-to-date performance rankings against tech stocks.
在過去一個月的市場回調中，公用事業公司無視當前趨勢，今年迄今爲止對科技股的表現排名飆升，成爲不太可能的勝利者。
While the tech sector dipped by nearly 5% in the last month, utilities rallied by about 4%, showcasing a remarkable rebound.
儘管科技板塊在上個月下跌了近5％，但公用事業上漲了約4％，出現了顯著的反彈。
It's akin to the adage: "When the going gets tough, the tough get going."
這就像一句格言：“當事情變得艱難時，艱難的事情就開始了。”
Back in 2022, amid Fed Chair Jerome Powell's aggressive interest rate hikes, utilities stood as the lone survivor in the market bloodbath, apart from the exceptional performance of the energy sector. In that year, technology endured a 27% loss, and communication services suffered a staggering 37% decline.
早在2022年，在聯儲局主席傑羅姆·鮑威爾激進加息的情況下，除了能源行業的出色表現外，公用事業是市場大屠殺中唯一的倖存者。那一年，科技遭受了27％的損失，通信服務遭受了驚人的37％的下降。
Performance of S&P 500's Sectors: Last Month, Full-Year 2023 and 2022
標普500指數板塊的表現：上個月、2023年全年和2022年
| Sector | Total Return (1-month)* | Total Return (2023) | Total Return (2022) |
|---|---|---|---|
| Utilities Select Sector SPDR Fund (NYSE:XLU) | 3.96% | -7.18% | 1.44% |
| Consumer Staples Select Sector SPDR Fund (NYSE:XLP) | 0.67% | -0.82% | -0.81% |
| Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) | -1.68% | 39.64% | -36.27% |
| Industrials Select Sector SPDR Fund (NYSE:XLI) | -1.99% | 18.13% | -5.57% |
| Health Care Select Sector SPDR Fund (NYSE:XLV) | -2.39% | 2.07% | -2.08% |
| Financial Select Sector SPDR Fund (NYSE:XLF) | -2.84% | 12.03% | -10.59% |
| Communication Services Select Sector SPDR Fund (NYSE:XLC) | -3.40% | 52.82% | -37.63% |
| Energy Select Sector SPDR Fund (NYSE:XLE) | -3.69% | -0.63% | 64.32% |
| Materials Select Sector SPDR Fund (NYSE:XLB) | -3.75% | 12.46% | -12.30% |
| Real Estate Select Sector SPDR Fund (NYSE:XLRE) | -4.31% | 12.36% | -26.25% |
| Technology Select Sector SPDR Fund (NYSE:XLK) | -4.78% | 56.02% | -27.73% |
| 行業 | 總回報（1 個月）* | 總回報 (2023) | 總回報 (2022) |
|---|---|---|---|
| 公用事業精選行業SPDR基金（紐約證券交易所代碼：XLU） | 3.96% | -7.18% | 1.44% |
| 必需消費品精選行業SPDR基金（紐約證券交易所代碼：XLP） | 0.67% | -0.82% | -0.81% |
| 非必需消費品精選板塊SPDR基金（紐約證券交易所代碼：XLY） | -1.68% | 39.64% | -36.27% |
| 工業精選行業SPDR基金（紐約證券交易所代碼：XLI） | -1.99% | 18.13% | -5.57% |
| 醫療保健精選行業SPDR基金（紐約證券交易所代碼：XLV） | -2.39% | 2.07% | -2.08% |
| 金融精選板塊SPDR基金（紐約證券交易所代碼：XLF） | -2.84% | 12.03% | -10.59% |
| 通信服務精選行業SPDR基金（紐約證券交易所代碼：XLC） | -3.40% | 52.82% | -37.63% |
| 能源精選行業SPDR基金（紐約證券交易所代碼：XLE） | -3.69% | -0.63% | 64.32% |
| 材料精選行業SPDR基金（紐約證券交易所代碼：XLB） | -3.75% | 12.46% | -12.30% |
| 房地產精選行業SPDR基金（紐約證券交易所代碼：XLRE） | -4.31% | 12.36% | -26.25% |
| 科技精選行業SPDR基金（紐約證券交易所代碼：XLK） | -4.78% | 56.02% | -27.73% |
Why Are Utilities Rallying?
公用事業爲何上漲？
The utilities rally over the last month has been widespread, with 28 out of 30 components of the XLU ETF showing positive performance.
上個月，公用事業股普遍上漲，XLU ETF的30個成分股中有28個表現良好。
Notably, utilities have perfectly embodied their defensive role, characterized by companies with stable and predictable cash flows, which become increasingly attractive to investors amid uncertainty elsewhere.
值得注意的是，公用事業完美地體現了其防禦作用，其特點是現金流穩定且可預測的公司，在其他地方的不確定性中，這些公司對投資者的吸引力越來越大。
Following a string of higher-than-expected inflation data and after the 2-year Treasury yields surpassed a 5% yield, markets approached the May 1 Federal Reserve meeting with a heightened fear of a hawkish shift.
在一系列高於預期的通脹數據以及2年期美國國債收益率超過5％之後，市場在接近5月1日聯儲局會議時對鷹派轉變的擔憂加劇。
However, this scenario did not materialize, with Powell dispelling fears of an interest rate hike, though also indicating that rate cuts are not in scope at this stage.
但是，這種情況並未實現，鮑威爾消除了對加息的擔憂，但也表示現階段降息範圍不在範圍內。
In a limbo where uncertainty over monetary policy reigns supreme – investment banks' forecasts range from 1 to 4 interest rate cuts by year-end – and where the market seeks greater clarity on the latest inflation dynamics, defensive sectors like utilities regain favor.
在貨幣政策的不確定性占主導地位——投資銀行的預測在年底之前降息1至4次——以及市場尋求更明確的最新通脹動態的困境中，公用事業等防禦性板塊重新獲得了青睞。
Stocks Driving The Sector Rally
推動板塊上漲的股票
There haven't been any staggering performances in the sector, but rather a general upward trend that lifted all boats in the XLU ETF.
該行業沒有出現任何驚人的表現，而是總體上升趨勢，提振了XLU ETF的所有股票。
Here are the top performers over the last month:
以下是上個月表現最好的股票：
| Name | Total Return (1M) |
| NRG Energy, Inc. (NYSE:NRG) | 10.95% |
| NextEra Energy, Inc. (NYSE:NEE) | 9.42% |
| The AES Corporation (NYSE:AES) | 7.63% |
| The Southern Company (NYSE:SO) | 6.05% |
| PG&E Corporation (NYSE:PCG) | 5.54% |
| Consolidated Edison, Inc. (NYSE:ED) | 5.28% |
| Public Service Enterprise Group Inc. (NYSE:PEG) | 5.25% |
| American Water Works Company, Inc. (NYSE:AWK) | 4.93% |
| Dominion Energy, Inc. (NYSE:D) | 4.74% |
| NiSource Inc. (NYSE:NI) | 4.50% |
| 姓名 | 總回報 (1M) |
| NRG 能源公司（紐約證券交易所代碼：NRG） | 10.95% |
| Nextera Energy, Inc.（紐約證券交易所代碼：NEE） | 9.42% |
| AES 公司（紐約證券交易所代碼：AES） | 7.63% |
| 南方公司（紐約證券交易所代碼：SO） | 6.05% |
| PG&E 公司（紐約證券交易所代碼：PCG） | 5.54% |
| 聯合愛迪生公司（紐約證券交易所代碼：ED） | 5.28% |
| 公共服務企業集團有限公司（紐約證券交易所代碼：PEG） | 5.25% |
| 美國自來水公司（紐約證券交易所代碼：AWK） | 4.93% |
| Dominion Energy, Inc.（紐約證券交易所代碼：D） | 4.74% |
| NiSource Inc.（紐約證券交易所代碼：NI） | 4.50% |
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Image generated using artificial intelligence via Midjourney.
通過 Midjourney 使用人工智能生成的圖像。
譯文內容由第三人軟體翻譯。