Utilities, commodities lag after Fed hike, Turning Point says
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Utilities, gold, silver, and the Bloomberg Spot Commodity Index posted their weakest performances on record in the first eight trading sessions following the Federal Reserve rate hike when compared with previous tightening cycles since 1973, according to Turning Point Market Research.
The comparison covered the 2026 period and nine earlier tightening cycles. Utilities fell 4.36% during the first eight sessions after the hike, ranking last among the 10 cycles.
The Spot Commodity Index declined 2.69%, while gold futures fell 3.19% and silver futures dropped 5.76%, with each ranking 10th.
Among equity indexes, the S&P 500 (SP500) gained 1.74% during the first eight sessions, ranking third, while the S&P 500 equal-weight index fell 0.83% and the Russell 2000 declined 1.43%. Information technology rose 5.48%, while health care gained 2.45%.
Treasury yields also moved higher during the period. The 2-year yield rose 18 bps, ranking second among the eight cycles with available data. The 10-year yield (US10Y) increased 23 bps, ranking third among the cycles shown. The dollar index (DXY) gained 0.89%, ranking third.
Turning Point Market Research said the asset performances were the weakest on record when compared with every tightening cycle since 1973.
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