CNBC's Jim Cramer on Wednesday honed in on the Dow Jones Utility Average, whose rally over the last several weeks he said suggests the economy is slowing down and interest rates may be headed lower.
"The utilities perform best when the economy's throttling back," he said."If this index were just up for a week or even two weeks, I might ignore it. But for the to rally this long, sorry, it is flashing red for the economy, telling us we're headed into the shoals of a slowdown."The average is made up of 15 major utilities stocks and has been climbing since April 16, finishing Wednesday up 0.54%.
Cramer reaffirmed his stance that signs of a slowing economy have been cropping up over the last several weeks, and this rise in utilities only furthers that theory. He also suggested Federal Reserve Chair Jerome Powell's April commentary — which indicated there will be fewer interest rate cuts than investors had hoped for — could have helped bring on the slowdown.
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