You’re finally seeing some of that defensive rotation with Utilities representing the only sector that is hitting new 6-month highs this week.
Here is a chart of Utilities relative to the S&P500, overlaid with Staples relative to S&Ps as well.
As you can see, both of these lines had been falling since 2022, because it’s been a bull market.
But now that stocks have been correcting this year, you’re seeing that outperformance coming from the most defensive sectors: