The sector shook off two consecutive years as a market laggard.
The index ended 0.6% lower Tuesday, its ninth straight decline.
A top-heavy market is nothing new, but after a 27% rally this year, valuations look stretched.
The S&P 500 Utilities index is now the top performer of 11 market sectors in 2024.
The S&P 500 energy sector was up over 5% on Wednesday afternoon.
It's not about oil this time. Energy firms have aggressively boosted payouts.
Global investors pulled $3.7 billion worth of bitcoin from November 6 to 13, CryptoQuant said.
Energy is the worst performing group in the S&P 500 Index over the past five sessions.