The defensive rotation continues…
For the second week running, the top performing sector was health care, which is today the most reliably defensive of all sectors. (Utilities used to hold that distinction, but the sector has become wrapped into the AI trade due to the massive amount of power needed to run AI datacenters.)
The message here is clear.
Investors are concerned about the health of the tech-driven economy, or, at the very least, tech stock valuations… and so they’re playing defense right now.
This post originally appeared at Money & Markets.