Major stock indexes were mixed in afternoon trade, rising for the past hour and away from the day’s lows. Investors have had a change of heart as they sell defensive stocks in favor of more growth strategies.
The S&P 500 rose 0.6%, while the Nasdaq was the strongest performer, up 1.6%. The Dow Jones Industrial Average was the worst performer, down 0.3%. The Russell 2000 small-cap index gained 0.7%
Tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) rose 1.8%.
Volume on the NYSE and Nasdaq was lower Thursday than at the same time.
Crude oil rose 2.2% to $88.34 a barrel. The Energy Select Sector SPDR ETF (XLE) is up 2.7%. Natural gas plunged 5.8% and is below $6 per million UK thermal units.
The bond market is closed for Veterans Day. Bitcoin shed another 7.8% to $16,345.
European markets were mixed, with Germany’s DAX stock index up 0.6% and the Paris CAC 40 up 0.6%. London’s FTSE 100 was down 0.8% at the close.
The chances 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.
Healthcare stocks are among the big losers in the stock markets
Healthcare is the worst-performing S&P sector today, with the Health Care Select Sector SPDR (XLV) down more than 2% and now below a buy point of 134.57.
person (HUM) plunged 6.7% as a major laggard in the S&P 500. The stock is back near its buy point of 515.08.
Eli Lilli (LLY) plunged 6.2% on strong volume, sending it below its 21-day exponential moving average.
Harmony Life Sciences (HRMY) lost 2.4% while other biotechs fell. AMN Health Services (AMN) tumbled 5.3%. The healthcare staffing firm fell below its 50-day moving average.
Dow Jones Defensive Darlings sell off
The Dow’s medical stocks hurt the index. United Health Group (UNH) slipped 5.7% and is the Dow’s biggest loser on the day as investors pulled out of the sector.
note (MRK) is down 4% and below its 21-day moving average. Johnson&Johnson (JNJ) returned 3.6% and found support at its 50-day moving average. amgen (AMGN) retreated 3% with the group.
Other defensive sectors also fell today. The SPDR Select Sector Utilities ETF (XLU) fell 1.7%. The SPDR Select Consumer Staples ETF (XLP) fell 1% as investors found other places to put their capital.
PepsiCo (PEP) is down 3% and below its 21-day exponential moving average.
IBD 50 lags behind most indices
The innovator IBD 50 ETF (FFTY) is up 0.1%, outperforming the Dow but lagging the S&P 500.
CVR Energy (CVI) rose 5.1% as energy stocks saw strength.
cross country healthcare (CCRN) fell sharply down 6.7% and is below its 50-day moving average. It’s a big IBD-50 loser today and part of the healthcare sell-off.
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