[BRIEFING.COM] The S&P 500 (-2.4%) has continued its retreat to fresh session lows, revisiting levels last seen in mid-September, though a close at the current mark would represent the lowest settlement since early August.
The steady retreat has masked solid gains in five sectors, including countercyclical consumer staples (+1.8%), utilities (+1.0%), and health care (+0.7%). These three groups have seen steady strength in October, showing month-to-date gains of 11.8%, 10.5%, and 10.0%. Of the three, the utilities sector has been rallying the longest, marking its inflection point a couple days before the turn of the calendar, which brings its gain off its late-September low to 11.7%.
Today's rally in utilities has been paced by Alliant Energy (LNT 72.07, +1.93, +2.74%) even though the stock went ex-dividend. Today's gain has returned LNT to levels from late July while Consolidated Edison (ED 117.12, +1.64, +1.42%) has climbed to a fresh record high.