Shares of power producers tumbled as surprisingly hot inflation data stoked fears that the Federal Reserve would continue raising rates.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, fell by more than 2%, and is now down roughly 16% for the year to date, one of the largest annual losses for the sector on record.
Treasury yields recouped recent losses, entering positive territory for the week after consumer-price gains accelerated in September.
The Biden administration this week is expected to reveal which regional projects will receive around $7 billion total in federal funding to build out hydrogen hubs, according to various reports.
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