The utilities sector continues to pick up strength here in one of the market’s stronger risk-off signals. Investors have been positioning themselves more defensively and seeking out safe havens for months. Tech continues to underperform the market in what is looking like a larger shift away from growth stocks.

Utilities and Treasuries diverged in a major way on Friday. Tech stocks have begun flattening out relative to stock in general as the market searches for leadership again. Long bonds have underperformed over the past several trading days, but it’s still too early to overreact. Lumber prices are still searching for some firm footing.

Tech took a notable step back last week amid some broad underperformance from growth sectors. Utilities stocks are trying to develop some momentum here. The downward momentum in Treasury yields is perhaps the strongest signal yet that there are pressures building in this market.