The Globe and Mail reports in its Friday edition that the punishment the market is meting out to dividend-oriented sectors is the most noteworthy trend in recent weeks. The Globe's Scott Barlow writes that the S&P/TSX Utilities Index is lower by 19.1 per cent from the 2023 high set in May. The S&P/TSX REITS Index is down 35.7 per cent from its February peak and pipeline giant Enbridge is down 18.1 per cent year-to-date. Dividend stocks have generally provided downside protection in the past but the 138-basis-point jump in government of Canada 10-year bond yields since early May has hit them particularly hard during this sell-off. The higher bond yields and relative safety of government bonds make them more attractive than many dividend-paying stocks. In a clear reflection of this recent trend, RBC Capital Markets quantitative analyst Bish Koziol made three changes in his top-40 stock picks for October on Thursday. He removed three dividend-paying stocks -- BCE, Fortis and National Bank of Canada -- in favour of three energy stocks: Ovintiv, ARC Resources and Suncor Energy.