Real estate, Utilities stocks drop as yields surge

Shares of rate-sensitive real estate investment trusts (REITs) and utility cos drop on Weds as yields surge on bond offloading

Benchmark U.S. Treasury 10-year yield US10YT=RR last around 4.36% after hitting highest since Feb 20 in apparent large liquidations of debt US/

Rising interest rates make dividend-paying stocks, also known as bond proxies, such as REITs and utilities less attractive, and increase borrowing costs

S&P 500 real estate index .SPLRCR recently down 1.7% and declining for fifth straight day after hitting about 11-mth low

Biggest SPLRCR pct losers on Weds include Alexandria Real Estate ARE.N and CBRE Group CBRE.N, down 5% and 3.4%, respectively

American Tower AMT.N down 1% and Prologis PLD.N among biggest drags on the real estate index, down between 1%-2%

S&P Utilities .SPLRCU sector last down 2.2% on the session, and also heading for five consecutive days of losses

Biggest drags on SPLRCU are Nextera Energy NEE.N and Southern Co SO.N, down 3% and 1.6%, respectively

S&P 500 .SPX index edges down on Weds after bruising 4-day losing skid amid escalating U.S.-China tariff war .N