Monthly Performance Report

Research evidence excerpt

Monthly Performance Report

June 2, 2026 Monthly Performance Report

S&P 500 back in the lead over the utilities in May: Watching ratesUTILITIES Alex Kania

WHAT YOU SHOULD KNOW: S&P 500 now setting the pace over utilities in 2026; (212) 527-3572 akania@btig.com

hard not to watch interest rates. Utilities declined in May, with all but two stocks Will Paterno within our coverage finishing in the red. The sector underperformed the S&P 500 by (332) 400-5158 wpaterno@btig.com

approximately 11% for the month, continuing April's overall risk-on appetite. The S&P

Julia Messina 500 has now outpaced the UTY YTD, outperforming by about 630 basis points, a swap

(212) 588-6563 jmessina@btig.com from April. Water names led sector performance in May, gaining 0.56% over the month,INDUSTRY

reversing April's large cap and electric outperformance; all other sub-sectors were

in the red for the month. Dominion Energy (D, Neutral) was the standout performer

within our coverage, and NextEra Energy (NEE, Buy, $112 PT) was the worst performer,

driven by the acquisition announcement.REPORT ■ Utilities down in May, underperforming the S&P. The UTY declined 5.68% in May

as the markets continued to refocus back on risk names in the backdrop of the Iran

conflict - the S&P 500 up 5.15% for the month - and interest rates may be starting

to pressure yield names. Within our universe, water was the only sub-sector in the

green for the month, while gas names were the worst performers declining nearly

7%. All size sub-sectors were in the red. YTD, electric utilities have been a stronger

performer compared to gas and water names, which we think is mainly due to the

large load angle.

■ Most notable relative moves. D was the top performer gaining 3.78% and