on money

The Nasdaq is beating the Dow Jones Utilities index by more than 15 percentage points over the past year, which is massive – as well as unusual and perhaps unsustainable.

Here’s one way of arguing that the stock market is looking a little stretched right now: The Nasdaq Composite Index is outperforming U.S. utilities.

You might well ask: Huh?

Well, since the Nasdaq is largely composed of fast-growing tech stocks – from stalwarts such as Microsoft Corp. MSFT-Q and Google-parent Alphabet Inc. GOOGL-Q to today’s superstars such as Nvidia Corp. NVDA-Q and Palantir Technologies Inc. PLTR-Q – you might conclude that the index should consistently trounce stodgy old utilities, which are often held for their stable dividends.

Over the long term, though, the performance of the

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