S&P 500 industry extremes are due for reversal

Last quarter’s worst and best performers among U.S. industry groups are poised for a reversal, according to Dhaval Joshi, BCA Research Inc.’s chief strategist. Joshi recommended buying utility stocks and betting against real-estate shares in a report Thursday. Utilities were the only one of the S&P 500 Index’s 11 main industry groups to post a loss last quarter, according to data compiled by Bloomberg. Their index’s 1.1% drop contrasted with a 12.3% gain for the S&P 500 Real Estate Index, which scored its first quarterly win since joining the other 10 categories in 2016.