The major U.S. stock indices finished last week fractionally lower despite very strong housing data, as anxiety over a potential debt default in Greece this week undoubtedly triggered some defensive liquidation heading into the weekend. Despite the day-to-day volatility that has kept investors on edge for months, the S&P 500 is only up 2.1% for the year.

The week's strongest and weakest sectors were both influenced by the recent rise in long-term U.S. interest rates.

Financials put in the best showing, as increasing rates and a widening yield curve both make banks more profitable. Moreover, Asbury Research's own ETF-based metric shows that, on a percentage basis, the biggest inflow of sector bet-related investor assets over the past one-month and three-month periods again went into financials. This trend has fueled the sector's outperformance.

Utilities were the weakest sector, as rising yields in risk-free Treasuries continued to lure yield-seeking investor assets away from utility stocks.