Utilities have started to outperform, meanwhile other sectors are underperforming. Just looking at history, you only have to go back to 2015-2016's industrial mini recession and EM recession to see how utilities outperformed other sectors. During this time, $XLU rose 25% while the S&P was flat, and technology / other cyclicals were all negative.
Cyclical sectors had their time, now utilities get to shine as other sectors get hit hard.
Cyclical sectors had their time, now utilities get to shine as other sectors get hit hard.