Many utilities stocks have taken off in 2024 due to the increased demand for electricity to power AI data centers. This thirst cannot seem quenched, so that’s great news if you own or are considering buying one or more utilities stocks or ETFs.
As of Sept. 30, the Utilities Select Sector SPDR ETF (NYSE:XLU) had a total return year-to-date of 30.5%. If it holds on to these gains for the remaining three months in 2024, it will be the sector’s best annual return in the past decade.
Not all 31 holdings in XLU have lit it up in 2024, but most have, so investors are naturally trying to find top-notch utility stocks to buy in October that will continue to do well for the remainder of 2024 and into 2025.
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