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For investors seeking momentum, Utilities Select Sector SPDR ETF (XLU - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 22.1% from its 52-week low of $62.99 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
XLU in Focus
The underlying Utilities Select Sector Index seeks to provide an effective representation of the Utilities sector of the S&P 500 Index. The ETF charges 10 basis points in fees and yields 2.66% annually.
Why the Move?
The long-term rates are at little pressure in the United States on recessionary fears. The Fed has given hints of a faster Fed rate hike while downgrading the real GDP growth outlook. This has put a check on the rise in long-term U.S. treasury yields, which in turn boosted the rate-sensitive sectors like utilities.
More Gains Ahead?
The fund has a positive weighted alpha of 22.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
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