Stock market drops Dow Darlings as healthcare stocks plummet

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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