Sector rotation based on the macro. Capital fleeing to asset classes with more favorable risk adjusted returns in a rising interest rate (with possible stagflation) environment.
No question but utilities' distributions have to compete with higher treasury yields so that would be pushing downwards pressure on their prices.
Actually in a tight money environment I don't really think there is a place to hide. Bonds and stocks are both likely to decline across the board. Cash and gold might be the best refuge.
