Utilities Rally as Investors Retreat From Tech Volatility

The decline in Treasury yields served as the primary catalyst for the shift, providing relief to utility companies typically sensitive to fluctuations in borrowing costs. While the broader sector gained traction, individual performance remained inconsistent. Constellation Energy, which previously enjoyed momentum tied to the artificial intelligence boom, saw its shares slide by more than 5%.

Meanwhile, PG&E faced its own headwinds. The California-based utility reported a contraction in both earnings and revenue for the third quarter. Despite the weaker quarterly results, the company maintained its 2026 growth outlook, attempting to reassure stakeholders that its long-term trajectory remains intact despite current operational challenges.