The utilities sector, a traditional safe-haven for income-focused investors, has declined as U.S. Treasury yields remain near multi-decade highs. When government bonds offer competitive, risk-free returns, the dividend yields from utility stocks become less appealing, prompting a rotation out of the sector. This pressure is compounded by the capital-intensive nature of utilities, as higher interest rates increase their borrowing costs for infrastructure projects. News of a power grid emergency being declared across 13 states may also be contributing to negative sentiment today.