Besides Brexit and Boeing again today, there really isn’t a lot going on in markets this morning. US futures are indicated modestly higher, and Boeing is trading down again. The stock is off its lows, though, as it attempts to bounce back from its first back to back declines of 5%+ in nearly a decade.
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After bouncing back nicely from its early lows on Friday, the S&P 500 is currently less than 5% from its September all-time high, while the 60+ industries in the index are down an average of close to 10%. What’s most surprising about where individual groups stand relative to their highs, though, is that the groups at the top are all Utilities. As shown below, Water, Multi, and Electric Utilities all hit 52-week highs yesterday and closed out the session less than 1% from those highs.
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