Utilities stocks brace for Monday after Warsh Fed pick jolts rates; XLU ends week lower
U.S. utility stocks fell Friday as long-term Treasury yields jumped after President Trump named Kevin Warsh as his pick for Fed chair. The Utilities Select Sector SPDR ETF closed down 0.2% at $43.25. Producer prices rose 0.5% in December, exceeding forecasts and fueling inflation concerns. Benchmark 10-year Treasury yields climbed to 4.245%.