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. 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. Against all odds, here we are. Since the start of the year, tech is now up 2.6%, while utilities surged over 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. While the tech sector dipped by nearly 5% in the last month, utilities rallied by about 4%, showcasing a remarkable rebound. It’s akin to the adage: “When the going gets tough, the tough get going.” 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 ...