Defensive sectors, such as consumer staples and healthcare, are experiencing upward movement on Friday, coinciding with a decline in the tech sector that has resulted in the Nasdaq dropping over 2%. State Street’s Consumer Staples Select Sector ETF gained nearly 2%, hitting a new intraday all-time high of $90, with several stocks in the category reaching 52-week highs.
Shares of tobacco product company Altria Group increased by over 2%, achieving a 52-week high of $79. Consumer goods company Philip Morris experienced an increase of 1.6%, achieving a 52-week peak of $214 per share. Keurig Dr. Pepper experienced an increase of 1.4%, reaching a 52-week peak of $36. Meanwhile, State Street’s Health Care Select Sector ETF gained 1.5, reaching a 52-week high of 187.
The fund’s top holdings, including Eli Lilly, Johnson & Johnson, Pfizer, and Gilead, all experienced gains on Friday, with each stock achieving 52-week highs. Regeneron particularly stands out following the pharmaceutical company’s robust third quarter report released Friday morning, which resulted in a stock increase of over 12%.
