Shares of power producers were flat as Treasury yields hovered near multiyear lows in the wake of inflation data.
The utilities industry group of the S&P 500 has emerged as a market leader in recent weeks as traders price in an interest-rate cut at the next Federal Reserve meeting.
In the wake of the muted consumer inflation data, the odds of a 25-basis-point cut in September rose. Fed-funds futures market, where traders handicap Fed policy, were pricing in a 62.5% probability that the Fed will cut interest rates by 25 basis points by September, according to the CME FedWatch Tool. The chance of a 50-basis-point rate cut was seen at 37.5%, down from 53% a day earlier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-14-24 1747ET