Real Estate and Utilities Are the Only Sectors Working
The majority of S&P 500 sectors were falling on Thursday, but a pullback in bond yields boosted real estate and utilities.
Real estate stocks were up 0.6% as the yield on the 10-year Treasury, a benchmark for mortgage rates, fell to 4.43%. Bond yields pulled back after the Bureau of Economic Analysis revised its first-quarter GDP estimate by a tenth of a percentage point to a decline of 0.2%. Home builders also benefitted from the court ruling that gave importers a temporary reprieve from President Trump's tariffs.
Utilities, a sector that is sensitive to both interest rates and artificial intelligence rallies, was up 0.3%. Nvidia boosted the AI trade after its latest earnings report continued to show strong demand for the firm's AI chips.
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