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Stock Market Shifts To Growth Stocks From Health Care And Defensive

by Ozva Admin

The main stock indices all closed positive to close the day and close to the highs of the day. Investors abandoned health care and commodity stocks in search of more growth plays.


The S&P 500 rose 0.9%, while the Nasdaq was the best performer, up 1.9%. The Dow Jones Industrial Average fared the worst, edging out a small 0.1% gain. Small-Cap Russell 2000 Index added 0.8%

The technology-heavy tracking Invesco QQQ Trusted ETF Nasdaq 100 (QQQ) rose 1.8%.

Volume on the NYSE and Nasdaq was lower compared to the same time on Thursday.

Crude oil added 2.9% to $88.98 a barrel. The Energy Select Sector SPDR ETF (XLE) rose 2.9%. Natural gas slumped 4.6% and is below $6 per million British thermal units.

The bond market is closed in observance of Veterans Day. Bitcoin returned another 7.9% to $16,385.

The odds of a 50 basis point hike at the December Fed meeting are now 80.6%, while 19.4% expect a 75 basis point hike, according to the CME FedWatch Tool.

Big stock market losers include medical and healthcare stocks

Health care is the worst performing S&P sector today, with Health Care Select Sector SPDR (XLV) is down 1.2% and is now below a buy point of 134.57.

medical device manufacturing shock wave (SWAV) fell 8.8% and is more than 10% below its 50 day moving average. Medical product stocks joined health care stocks in a sell-off.

glucose monitoring device manufacturer dexcom (DXCM) fell by 3.2% and remains above its 21 day exponential moving average.

human (HUM) fell 5.3% as a big laggard of the S&P 500.

Eli Lilly (LLY) tumbled 4.7% on high volume, sending it below its 21-day exponential moving average.

Harmony Biosciences (HRMY) lost 3.1% due to the drop in other biotechnologies. AMN Healthcare Services (AMN) plummeted 5.7%. The healthcare staffing service provider fell below its 50-day moving average but recovered and closed above it.

Dow Jones Defensive Darlings Sell

Dow medical stocks hurt the index. United Health Group (UNH) fell 4.1% and is the biggest loser of the day for the Dow as investors exited the sector.

Defense and aerospace stock Lockheed Martin (LMT) tumbled 5.5% on higher volume as the defense sector was another loser sector. The action met resistance in its 21 day exponential moving average.

Merck (MRK) fell 3.9% and found support at its 21-day line. Johnson and Johnson (jnj) returned 3%, finding support at its 50-day line. Amgen (AMGN) fell 2.1% with the group.

Other defensive sectors also fell today. The SPDR Select Sector Utilities ETF (XLU) cut 1.1%. The SPDR Select Consumer Staples ETF (XLP) fell 0.1% as investors found other places for their capital.

Consumer staples are also withdrawn

campbell soup (CPB) fell by 3.1%, causing the Sell ​​rule 7%-8% of cup base with handlewith a point of purchase from 51.73. Shares fell below 50 day moving average.

Kellogg’s (k) lost 2.9% and fell below its 200 day moving average.

PepsiCo (ENERGY) fell 2% and found support at its 21-day line.

IBD 50 lags behind in most indices

The EII 50 Innovative ETF (FFTY) rose 0.3%, holding up better than the Dow but lagging the S&P 500.

CVR energy (CVI) jumped 6.1% as energy stocks strengthened.

Cross country Health care (CCRN) fell 7.9% and is below its 50-day line. He was the IBD 50 biggest loser today and part of the health care sell-off.


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