Short interest for SPDR Select Sector Fund - Health Care gives investors a sense of the degree to which investors are betting on the decline of SPDR Select Sector Fund - Health Care's stock. Short interest data is updated every two weeks.

SPDR Select Sector Fund - Health Care (ARCA:XLV), Short Interest Report

SPDR Select Sector Fund - Health Care

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Biotech

Equities

Large Cap

Market Summary

Mid Cap

REIT

Sector ETFs

Broad U.S. Equity ETFs

Specialty ETFs

Health Care

Commodities

Small Cap

Econ #s

Federal Reserve

Markets

Tech

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Real Estate

AAUKF

COPX

SPDR Dow Jones Industrial Average ETF Trust

FILL

iShares Dow Jones US Broker Dealers Index Fund

iShares Dow Jones US Insurance Index Fund

iShares Dow Jones US Regional Banks Index Fund

iShares U.S. Digital Infrastructure and Real Estate ETF

IDGT

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Dow Jones US Oil Equipment & Services Index Fund

iShares Dow Jones US Pharmaceuticals Index Fund

iShares Dow Jones US Health Care Provides Index Fund

iShares Dow Jones US Medical Devices Index Fund

ILIT

iShares Dow Jones US Aerospace & Defense Index Fund

iShares Dow Jones US Homenstruction Index Fund

iShares Trust Dow Jones US Financial Services Index Fund

iShares Dow Jones Transportation Average Index Fund

PAAS

PICK

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

iShares FTSE NAREIT Residential PLUS Capped Index Fund

RING

SLVP

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

iShares S&P Global Timber & Forestry Index Fund

WOOD

XLRE

Select Sector SPDR-Consumer Discretionary

Performance in April 2024: Utilities lead, real estate lags. S&amp;P 500, Nasdaq 100, Dow Jones Industrial Average, small-cap and large-cap indices all decline.

April Showers On Wall Street:  Miners, Utilities Emerge As Bright Spots In Gloomy Market

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Trading Ideas

AMZN

GOOG

iShares Trust Dow Jones US Utilities Sector Index Fund

NVDA

UBS Global Research has revised its outlook for the &#34;Big Six&#34; tech companies — Apple, Amazon, Google-parent Alphabet, Meta, Microsoft, and Nvidia — from &#34;Overweight&#34; to &#34;Neutral&#34; according to a recent statement by Jonathan Golub, the chief U.S. equity strategist at UBS Investment Bank, according to a source.

Beyond &#34;Big Six:&#34; Why Choose Non-Cyclical Sector ETFs?

Mutual Funds

General

JNGLX

VGHCX

FPHAX

Healthcare did not have a great 2023, even as markets turned around from the depths of the year prior. The sector, which roughly accounts for 13% of the S&amp;P 500, lagged last year as investors flocked to massive tech and growth stocks that propelled the markets.

3 Healthcare Mutual Funds To Grab As the Sector Continues to Rebound

As April comes to a close, it&#8217;s time to compile the rankings for the top-performing sector and industry exchange-traded <a href="https://www.benzinga.com/etfs">funds of the month.</a>
Taking a broader look at the stock market, the S&amp;P 500 Index, represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), finished April on a downturn, declining by approximately 3%. This marks the end of a five-month streak of gains.
Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), experienced a 3.5% decline.
Among large-cap indices, blue-chip stocks showed slight underperformance, with the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipping by 4.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), plummeted by over 6%, marking their worst performance since October 2023.
Overall, it has been a challenging month for the stock market, primarily due to inflation surprises surpassing expectations. This has led to a recalibration of market expectations regarding potential Federal Reserve rate cuts.
Additionally, complex global geopolitical tensions have emerged, notably between Israel and Iran, alongside the ongoing issue in the Gaza Strip.
May is anticipated to start with a crucial event as investors await the Federal Reserve Open Market Committee <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">(FOMC) meeting on Wednesday. </a>
While no interest rate changes are expected, all eyes will be on Fed Chair Jerome Powell&#8216;s remarks to assess the Fed&#8217;s stance in response to recent inflation surprises.
Read also: <a href="https://www.benzinga.com/general/macro-notification/24/04/38491988/federal-reserve-meeting-preview-high-interest-rates-need-more-time-to-work-bank-of-ame">Federal Reserve Meeting Preview: High Interest Rates &#8216;Need More Time To Work,&#8217; Bank of America Says</a>
<h2 class="wp-block-heading">Performance Of Sector ETFs In April 2024</h2>
At the sector level, only the utilities sector managed to avoid losses for the month, rising by 2.1%.
The largest stock contributors to the utilities&#8217; performance in April are NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) and NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) which showed monthly gains between 4% and 8%. 
Energy stocks remained broadly stable, while the other nine S&amp;P 500&#8217;s sectors showcased losses.
Real estate experienced the worst performance, down by over 7%, dragged down by its high sensitivity to interest rates, as Treasury yields increase across the board during the month. 
Following real estate, the technology and healthcare sectors also showed poor performance in April.
<h4 class="wp-block-heading">April&#8217;s Best And Worst Sector ETFs: Utilities Lead, Real Estate Lags</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 2:50 p.m. EDT</figcaption></figure>
<h2 class="wp-block-heading">Performance Of Industry ETFs In April 2024</h2>
Based on the industry ETF list provided by BlackRock Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) iShares, only five out of the 25 industries managed to report gains in April. Among them, miners did well across the board, with silver, copper, and gold mining stocks reporting robust gains. 
Standout contributors to the mining industry&#8217;s outperformance in April were Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>), up over 20%, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), up 14%, Anglo American plc (OTCPK: AAUKF), up over 40%
Energy producers also managed to end the month in the green.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name</th>
<th>Performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI Global Silver and Metals Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI Global Energy Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>iShares Residential and Multisector Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares Lithium Miners and Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. Broker-Dealers &amp; Securities Exchange ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares Expanded Tech Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>)</td>
<td>-5.45%</td>
</tr>
<tr>
<td>iShares Mortgage Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REM#NYSE">REM</a>)</td>
<td>-5.57%</td>
</tr>
<tr>
<td>iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHI#NYSE">IHI</a>)</td>
<td>-5.75%</td>
</tr>
<tr>
<td>iShares Global Timber &amp; Forestry ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOOD#NYSE">WOOD</a>)</td>
<td>-6.20%</td>
</tr>
<tr>
<td>iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>)</td>
<td>-6.76%</td>
</tr>
<tr>
<td>iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDGT#NYSE">IDGT</a>)</td>
<td>-7.12%</td>
</tr>
<tr>
<td>iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>)</td>
<td>-7.23%</td>
</tr>
<tr>
<td>iShares U.S. Transportation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYT#NYSE">IYT</a>)</td>
<td>-8.34%</td>
</tr>
<tr>
<td>iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>)</td>
<td>-9.60%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 3:15 p.m. EDT</figcaption></figure>
Now read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38497224/ai-data-centers-drive-electricity-demand-goldman-sachs-picks-16-stocks-to-play-the-">AI Data Centers Drive Electricity Demand: Goldman Sachs Picks 16 Stocks To Play The Trend</a>
Image generated using artificial intelligence via Midjourney.

UBS Global Research has revised its outlook for the &quot;Big Six&quot; tech companies &mdash; Apple, Amazon, Google-parent Alphabet, Meta, Microsoft, and Nvidia &mdash; from &quot;Overweight&quot; to &quot;Neutral&quot; according to a recent statement by Jonathan Golub, the chief U.S. equity strategist at UBS Investment Bank, according to a source.
In his explanation, Golub said that the downgrade is not based on rich valuations or concerns about the sustainability and momentum of the AI technology. Instead, he pointed out tough comps compared to the pandemic period and cyclical pressures as the headwinds. Golub highlighted that the rapid earnings growth recorded by these tech giants over the past year is now ebbing.
<h3>Will Easy Comps Faced by Big Tech Go Away in 2025?</h3>
UBS indicated that the pandemic initially triggered increased demand for PCs, online shopping and gaming, thus helping those tech stocks&#39; earnings. A reduction in costs and easy comparisons boosted these companies&#39; profits, which peaked in the fourth quarter of 2023. But this jump will be followed by a decline in earnings as the economy gradually gains momentum.
Golub also mentioned that the current analysis does not overlook the influence of AI, cloud computing, or bitcoin mining on tech earnings. The research division of UBS predicts a decline in these companies&#39; EPS growth to 16% in the first quarter of 2025, down from 42% in the corresponding period of this year. UBS expects earnings to normalize going forward.
Let&#39;s discuss some examples:
Nvidia&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) expected sales growth is 17.94% for 2025 versus 74.07% for 2024. Its 2025 expected earnings growth is 13.88% versus 2024&#39;s expectation of 84.72%.
Meta&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) expected sales growth is 12.79% for 2025 versus 18.19% for 2024. Its 2025 expected earnings growth is 15.18% versus 2024&#39;s expectation of 35.71%.
Alphabet&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) expected sales growth is 11.07% for 2025 versus 13.18% for 2024. Its 2025 expected earnings growth is 14.58% versus 2024&#39;s expectation of 16.90%.
Amazon&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) expected sales growth is 11.59% for 2025 versus 11.61% for 2024. Its 2025 expected earnings growth is 30.36% versus 2024&#39;s expectation of 41.38%.
<h3>Time for Non-Cyclical ETFs?</h3>
According to UBS, EPS growth for non-tech companies is expected to surpass that of the Big Six over the next year, as these firms were less affected by the pandemic-induced boom.
The Federal Reserve is also likely to start cutting rates in late 2024 due to the likelihood of cooling inflation. The U.S. economy is showing signs of resilience.
This perspective has bolstered investor confidence, leading to increased investments in sectors like financials and industrials. These areas are deemed safe havens amid the likely Fed rate cuts. Other sectors like consumer staples, utilities and healthcare also appear to be safe bets.
<h3>ETFs in Focus</h3>
Against this backdrop, below we highlight a few safe sector ETFs like Health Care Select Sector SPDR ETF (ARCA:XLV), Industrial Select Sector SPDR ETF (ARCA:XLI), Financial Select Sector SPDR ETF (ARCA:XLF), Consumer Staples Select Sector SPDR ETF (ARCA:XLP) and iShares U.S. Utilities ETF (ARCA:IDU).
<a href="https://www.zacks.com/stock/news/2260842/beyond-big-six-why-choose-non-cyclical-sector-etfs?cid=CS-BENZ-FT-etf_news_and_commentary-2260842">To read this article on Zacks.com click here.</a>

Beyond "Big Six:" Why Choose Non-Cyclical Sector ETFs?

Healthcare did not have a great 2023, even as markets turned around from the depths of the year prior. The sector, which roughly accounts for 13% of the S&amp;P 500, lagged last year as investors flocked to massive tech and growth stocks that propelled the markets. A late-year rally in 2023 saw the sector pairing its losses for the year and ending the 12 months on a positive note, even if only just. The turnaround, however, did not stop it from becoming one of the S&amp;P 500&#39;s worst-performing sectors in 2023, rising just 0.3% compared to the benchmark index&#39;s 24% jump.
Yet, upsides are being witnessed for the sector of late. Health spending in the United States has been forecast to grow at an average annual rate of 5.4% for 2019-2028 and should reach $6.2 trillion by 2028. While the industry faces labor shortages and recessionary pressures in the post-pandemic world marked by a European war, it is currently pitted to grow at a higher rate than the overall economy.
Globally, approximately $8.3 trillion is being spent on healthcare, with almost half of that, roughly $3.8 trillion, coming from the United States. Considering the fact that the healthcare sector is growing faster than the overall world economy, these figures are expected to rise substantially by the turn of the decade.
Several societal and demographic upheavals are also aiding the sector. These include an aging population and epidemics like obesity and diabetes. Moreover, these stocks are considered defensive, meaning they tend to remain stable regardless of the prevalent market conditions. Regular demand for healthcare services is not dependent on the peaks and troughs of a market that has risen and fallen over the past two years over the Fed&#39;s monetary policy.
Also, the healthcare sector is poised for significant long-term changes, including the integration of AI in medical research. The sector also seems lucrative for investors looking for a steady cash flow because pharmaceutical companies are known to offer regular dividends.
Healthcare has also seen growth in the ETF market in 2024. The S&amp;P 500 Select Sector SPDR for Healthcare (ARCA:XLV) grew 2.4% in March. It has jumped 8.8% in the first quarter and 16% over the last 12 months. The sector may be off its pandemic-period peak but will remain resilient and grow in the coming years.
Hence, astute investors should bet on healthcare mutual funds at present. Mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges that are mostly associated with stock purchases.
We have thus selected three such healthcare mutual funds that boast a Zacks Mutual Fund Rank #1 (Strong Buy), 2 (Buy), have positive three-year and five-year annualized returns, minimum initial investments within $5000, and carry a low expense ratio.
Janus Henderson Global Life Sciences (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jnglx#NASDAQ">JNGLX</a>) primarily invests in equity securities issued by companies engaged in life sciences orientation.
Andrew Acker has been the lead manager of JNGLXsince April 2007. The fund has 6.5% of its portfolio invested in UnitedHealth Group, 5.1% in Eli Lilly and 4.2% in Novo Nordisk.
JNGLX&#39;s 3-year and 5-year annualized returns are 7.6% and 11.6%, respectively. Its net expense ratio is 0.80%. JNGLXhas a Zacks Mutual Fund Rank #2.
Vanguard Health Care (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vghcx#NASDAQ">VGHCX</a>) primarily invests in stocks of companies principally engaged in the development, production, or distribution of products and services in the healthcare industry. VGHCX also invests a significant portion of its assets in foreign stocks.
Jean M. Hynes has been the lead manager of VGHCX since May 2008. The fund has 8% of its portfolio invested in Eli Lilly, 7.8% in UnitedHealth Group and 5.7% in AstraZeneca.
VGHCX&#39;s 3-year and 5-year annualized returns are 7.9% and 9.9%, respectively. Its net expense ratio is 0.36%. VGHCX has a Zacks Mutual Fund Rank #1.
Fidelity Select Pharmaceuticals Portfolio (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fphax#NASDAQ">FPHAX</a>) primarily invests in stocks of companies principally engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. FPHAX advisors use fundamental analysis of factors like each issuer&#39;s financial condition and industry position, as well as market and economic conditions, to arrive at their investment decision.
Karim Suwwan de Felipe has been the lead manager of FPHAX since June 2017. The fund has 24.1% of its portfolio invested in Eli Lilly, 14.8% in Novo Nordisk and 9.4% in AstraZeneca.
FPHAX&#39;s 3-year and 5-year annualized returns are 13.2% and 14%, respectively. Its net expense ratio is 0.73%. FPHAX has a Zacks Mutual Fund Rank #1.
<a href="https://www.zacks.com/stock/news/2259787/3-healthcare-mutual-funds-to-grab-as-the-sector-continues-to-rebound?cid=CS-BENZ-FT-mutual_fund_commentary-2259787">To read this article on Zacks.com click here.</a>

Vanguard Specialized Portfolios Health Care Fund

Macro Economic Events

Economics

Department Of Health & Human Services Says Biden-Harris Administration Issues New Rule To Support Reproductive Health Care Privacy Under HIPAA

A sentiment of risk aversion looms over the markets during Wednesday&#8217;s trading session, triggering midday losses across the board in stocks and cryptocurrencies and prompting a flight towards bonds, as investor confidence remains dampened by<a href="https://www.benzinga.com/topic/macro-economic-events"> geopolitical and economic risks.</a>
The situation in the Middle East remains highly uncertain, with Israeli Prime Minister Benjamin Netanyahu stating that despite advice from allies to avoid a retaliation against Iran, Israel will make its own decisions on security.
Investors also parsed through the latest remarks from Fed Chair Jerome Powell, which officially dashed hopes for imminent rate cuts amid a lack of confidence about disinflation.
The S&amp;P 500 declined by 0.5% by 1.15 p.m. EDT, while the tech-heavy Nasdaq 100 underperforming, down by 1.2%. Semiconductors were among the weakest-performing industries, with the VanEck Semiconductors ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) falling by 2.5%, on track to close at its lowest level in nearly two months.
Investors sought refuge in Treasuries for liquidity, causing yields to drop by 8 basis points in the 10-year tenor, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rallied by 1%. Gold softened by 0.5%, while silver managed to inch up by 0.8%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) faced significant downward pressure, with the largest cryptocurrency plummeting by 5.2% and hitting an intraday low of $59,650, now down 18% since its peak in March.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day Chg %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,743.82</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,963.08</td>
<td>-0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,025.59</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,524.58</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:15 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.5% to $501.05, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.1% lower to $377.69 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.1% to $426.78, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.4%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the major laggard, down 1%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>United Airlines Holdings, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rose over 14%, amid stronger-than-expected financial results last quarter. Peers such as American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), Delta Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) rose 4.5% and 2.5%, respectively. </li>
<li>Other companies reacting to earnings reports were J.B. Hunt Transport Services, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>), down 8%, Abbott Laboratories&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), down 2.5%, ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), down 7.5%, First Horizon Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>), up 2.2%, Travelers Companies, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), down nearly 8%, Prologis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLD#NYSE">PLD</a>), down 6.5%, and U.S. Bancorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), down 4%. </li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) rallied 6% after BNP Paribas initiated coverage with an Outperform rating and $177 price target. </li>
<li>Notable names reporting after the close are CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Alcoa Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), Discover Financial Services&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) and Las Vegas Sands Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>).</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38297897/fund-managers-are-the-most-optimistic-since-2022-bull-sentiment-not-quite-at-close-">Fund Managers Are The Most Optimistic Since 2022: &#8216;Bull Sentiment Not Quite At Close-Your-Eyes-And-Sell Levels&#8217;</a>
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Stocks Fall As Geopolitics, Economic Worries Spook Investors, Chipmakers Sell Off, Bitcoin Tumbles To $60,000: What's Driving Markets Wednesday?

Investors remain on edge as geopolitics continue to shape market trends, with Israel mulling a response to Iran while the U.S. and key allies explore <a href="https://www.benzinga.com/news/24/04/38264304/middle-east-tensions-mount-as-israel-considers-retaliation-after-irans-direct-attack">further sanctions against Tehran.</a>
U.S. major averages display mixed performances as of midday trading Tuesday. The S&amp;P 500 holds steady at 5,200 points, while blue-chip stocks outperform the broader market, and small caps experience some declines.
In its April World Economic Outlook, the International Monetary Fund raised growth projections for the U.S. economy, while eyeing the possibility of Federal Reserve rate cuts this year as inflation declines. Yet, an escalation in the Middle East could complicate the picture, pushing oil and inflation higher and forcing central <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38272906/imf-expects-lower-interest-rates-unless-middle-east-conflict-escalates-there-will-b">banks to tighten again. </a>
Treasury yields continue to kick higher, with the yield on the 10-year Treasury bond reaching 4.65%. Bond-related ETFs declined further, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.5%. 
Despite the uptick in yields and a stronger dollar, gold continues to showcase an impressive strength, with the yellow metal up 0.3% to $2,390 per ounce, on track for a record-high close. 
Oil prices were slightly softer, down 0.4%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down 2.5% to $61,900, marking a 15% drop since last week&#8217;s high. 
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,910.28</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,759.96</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,066.92</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>195.34</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) held steady at $504.71, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to $379.06 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $431.91, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 0.4%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the major laggard, down 0.9%. 
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla, Inc, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell more than 2.8%, on track to close at the lowest level in a year, after analysts interpreted the recent layoff announcement as a negative sign for the company&#8217;s outlook. </li>
<li>Companies reacting to earnings were Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), down 3.3%; Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 3.4%; Northern Trust Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NYSE">NTRS</a>), down 4%; PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), down 1.9%; Jonson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), down 2.4%; and UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), up over 6%. </li>
<li>Skillsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKIL#NASDAQ">SKIL</a>) fell nearly 40%, after a revenue miss and departure of its CEO. </li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) fell 18%, falling below last year&#8217;s lows, after the company announced readiness to implement rolling blackouts owing to reduced wind and solar power generation, along with the temporary outage of several large generators.</li>
<li>Notable names reporting earnings after the close are J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>), United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and Interactive Brokers Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NYSE">IBKR</a>). </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38274726/homebuilder-stocks-tumble-as-housing-starts-fall-by-14-7-a-poor-time-to-buy-a-home-">Homebuilder Stocks Tumble As Housing Starts Fall By 14.7%: &#8216;A Poor Time To Buy A Home,&#8217; Says Economist</a>
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Stocks Grapple With Geopolitical Pressures, Gold Eyes $2,400, Bitcoin Falls Below $62,000: What's Driving Markets Tuesday?

Wall Street can breathe a sigh of relief following the tense events on Saturday night, when Iran launched <a href="https://www.benzinga.com/news/24/04/38240360/what-a-full-blown-war-between-israel-and-iran-could-entail-according-to-one-report">airstrikes against Israel</a>.
For now, the specter of escalation towards a larger conflict seems to have been mitigated, as both U.S. and U.K. allies <a href="https://www.benzinga.com/news/24/04/38241324/slow-things-down-biden-tells-netanyahu-to-think-response-through-after-iran-missile-attack-on-israel">have sternly cautioned </a>Israeli Prime Minister Benjamin Netanyahu against any retaliatory actions towards Tehran. 
Major U.S. indices moved sideways in midday trading on Monday in New York, halting the significant losses recorded last Friday and the risks of a further extension following l<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252086/oil-gold-markets-swing-from-war-fears-to-calm-over-israel-iran-tensions-what-analys">ast Saturday&#8217;s heightened geopolitical tensions. </a>
The market sentiment was further bolstered by a retail sales report that significantly exceeded expectations, showing a 0.7% increase last month. However, this robust data slightly tempered expectations for Federal Reserve rate cuts, with investors currently factoring in about 40 basis points of cuts by year-end. 
Bond yields sharply surged, causing downward pressures in fixed-income assets. The yield on the 30-year Treasury bond spiked 11 basis points to 4.75%, reaching the highest in six months. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) plummeted 1.8%. 
Gold inched 0.3% higher, while crude oil fell 1.5%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.8%, after witnessing substantial volatility over the weekend. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,113.63</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,136.77</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,025.65</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,997.89</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:18 p.m. ET</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.2% up to $511.85, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.3% to $381.19 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $438.54, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 0.9%, followed by the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), down 0.7%. 
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 3.4% after the company announced plans to lay off 10% of its global workforce. </li>
<li>Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) rallied&nbsp;3.6% after the bank announced first-quarter earnings that topped Street&#8217;s estimates. </li>
<li>Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) rose 3.8% after reporting slightly stronger-than-expected earnings. </li>
<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) fell 5.2% after RBC analysts raised uncertainties regarding the potential acquisition of Informatica Inc, which simultaneously fell 11%. </li>
</ul>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38253316/us-retail-sales-boom-well-above-forecasts-rise-4-on-the-year-blowout-report-economi">US Retail Sales Boom Well Above Forecasts, Rise 4% On The Year: &#8216;Blowout Report,&#8217; Economists Say</a>
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Stocks Stay Afloat On Strong Retail Sales, Middle East Relief; Bonds Drop: What's Driving Markets Monday?

A fresh unexpected surge in inflation blindsided markets, shattering hopes for imminent Fed rate cuts and sending stocks down across the board. In March 2024, the annual Consumer Price Index (CPI) inflation rate surged to 3.5%, up from February&#8217;s 3.2%, surpassing <a href="https://www.benzinga.com/markets/commodities/24/04/38181302/inflation-rises-more-than-expected-to-3-5-in-march-derails-june-rate-cut-hopes">expectations set at 3.4%. </a>
Adding to concerns, core inflation, which excludes energy and food, also exceeded expectations, reaching 3.8% compared to the anticipated 3.7%, dismissing any justifications solely attributed to higher gasoline price pressures. 
Consequently, investors sharply revised down their expectations for Fed rate cuts, now anticipating the commencement of any easing policy no earlier than September, with less than two rate cuts expected by year-end.
<h3 class="wp-block-heading">What&#8217;s Hot/Cold In The CPI Basket?</h3>
Expenditure categories witnessing the highest month-over-month seasonally adjusted price increase in March were: 
<ul>
<li>Motor vehicle insurance: +2.6%</li>
<li>Motor vehicle maintenance and repair: +1.7%</li>
<li>Gasoline (all types): +1.7%</li>
<li>Hospital services: +1%</li>
<li>Meats, poultry, fish, and eggs: +0.9%</li>
</ul>
Those showing the lowest monthly inflation were: 
<ul>
<li>Fuel oil: down 1.3%</li>
<li>Used cars and trucks: down 1.1%</li>
<li>Cereals and bakery products: down 0.9%</li>
<li>Other food at home: down 0.5%</li>
<li>Airline fares: down 0.4%</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Sector Performance </h3>
By midday trading in New York, losses were broad-based within indices. 
<ul>
<li>454 out of S&amp;P 500 stocks traded in the red</li>
<li>93 Nasdaq 100 stocks were negative</li>
<li>1,783 out of Russell 2000 stocks were negative</li>
<li>898 out of Russell 1000 stocks were negative</li>
</ul>
No sectors managed to evade daily losses, with rate-sensitive pockets of the markets, such as real estate, feeling the brunt more acutely than others.
Energy managed to hold almost steady, as rising gasoline prices improved the outlook for oil companies. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-Day %Chg</th>
</tr>
</thead>
<tbody>
<tr>
<td> Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.15%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-0.75%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-0.92%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-0.93%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-1.07%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-1.17%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-1.35%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.44%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-1.54%</td>
</tr>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>-1.93%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-3.85%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 11:40 a.m. ET</figcaption></figure>
Nine real-estate stocks tumbled by more than 7%: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>)</td>
<td>-10.04%</td>
</tr>
<tr>
<td>Global Net Lease, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNL#NYSE">GNL</a>)</td>
<td>-9.83%</td>
</tr>
<tr>
<td>Peakstone Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKST#NYSE">PKST</a>)</td>
<td>-9.26%</td>
</tr>
<tr>
<td>Hudson Pacific Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPP#NYSE">HPP</a>)</td>
<td>-8.82%</td>
</tr>
<tr>
<td>Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>)</td>
<td>-8.36%</td>
</tr>
<tr>
<td>Piedmont Office Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PDM#NYSE">PDM</a>)</td>
<td>-7.77%</td>
</tr>
<tr>
<td>RE/MAX Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMAX#NYSE">RMAX</a>)</td>
<td>-7.75%</td>
</tr>
<tr>
<td>eXp World Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NYSE">EXPI</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>Douglas Emmett, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEI#NYSE">DEI</a>)</td>
<td>-7.44%</td>
</tr>
<tr>
<td>Office Properties Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NYSE">OPI</a>)</td>
<td>-7.31%</td>
</tr>
</tbody>
</table>
</figure>
Looking at different industries, regional banks and solar stocks fell the most. 
<ul>
<li>The SPDR S&amp;P Regional Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) fell 4.7%, on track for the worst day since late January. </li>
<li>The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 4.5%</li>
</ul>
Eight regional bank stocks tumbled more than 7% Wednesday: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Lakeland Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBAI#NYSE">LBAI</a>)</td>
<td>-8.96%</td>
</tr>
<tr>
<td>Provident Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>)</td>
<td>-8.84%</td>
</tr>
<tr>
<td>Valley National Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NYSE">VLY</a>)</td>
<td>-8.44%</td>
</tr>
<tr>
<td>ServisFirst Bancshares, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>)</td>
<td>-7.81%</td>
</tr>
<tr>
<td>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>)</td>
<td>-7.61%</td>
</tr>
<tr>
<td>OceanFirst Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NYSE">OCFC</a>)</td>
<td>-7.58%</td>
</tr>
<tr>
<td>Flushing Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NYSE">FFIC</a>)</td>
<td>-7.53%</td>
</tr>
<tr>
<td>Eagle Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGBN#NYSE">EGBN</a>)</td>
<td>-7.50%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38186082/this-puts-the-fed-in-quite-a-tricky-position-7-economists-weigh-in-on-march-inflati">&#8216;This Puts The Fed In Quite A Tricky Position&#8217;: 7 Economists Weigh In On March Inflation Report</a>
Image generated using artificial intelligence via Midjourney.

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Real Estate, Regional Bank Stocks Tank, Energy Cushions The Blow: March Inflation Rates Shake Up Sectors

Stocks edged lower during midday trading on Tuesday as traders maintained a cautious stance in anticipation of the highly awaited Consumer Price Index (CPI) report scheduled for Wednesday, which could offer crucial insights into the potential course of <a href="https://www.benzinga.com/topic/federal-reserve">actions by the Fed.</a>
The consensus expectation among Wall Street analysts is that the annual CPI rate to edge slightly higher from 3.2% to 3.4% in March, mainly due to rising gasoline prices. Core inflation, which excludes food and energy items, is anticipated to inch lower, from 3.8% to 3.7%. 
The S&amp;P 500 index declined by 0.2%, dragged down by financials, industrials, and energy stocks, while the tech sector remained flat. The Dow lost 0.4%, while small caps managed to inch 0.1% higher.
Treasury yields moved slightly lower amid rising demand for bonds, with the iShares 20+ Year Treasury Bond (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rising by 0.8%.
Gold prices inched 0.2% higher to $2,343, after breaking fresh record highs earlier in the session.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) witnessed heightened volatility, with the largest cryptocurrency declining by 4.6%.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,071.82</td>
<td>0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,089.43</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,191.62</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,770.96</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.2% to $517.42, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.3% lower at $387.75 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.1% lower to $440.24, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) outperformed, up 0.7%, while the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) was the laggard, down 0.8%. 
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell by 3%, putting it on track for its lowest close since early March and the third consecutive week of declines – the worst streak since September. ARK CEO Cathie Wood announced that she has sold nearly $4 million worth of Nvidia shares.</li>
<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) rallied 4% after Morgan Stanley raised the company&#8217;s price target to $58. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) surged over 5% following promising results from an early study of the company&#8217;s cancer vaccine mRNA-4157. </li>
<li>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) rallied nearly 8%, on the heels of a $58.5 million tax-credit award aimed at advancing the construction of its rare earth magnet manufacturing facility.</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) climbed 2.2% after Bank of America upgraded its outlook from Neutral to Buy. Similarly, peer company Hudbay Minerals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) surged 8% following its upgrade from Neutral to Buy.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-">Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
Photo: Shutterstock

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Stocks Fall Ahead Of Key Inflation Data, Gold Defends Record Highs; Bitcoin Stumbles Below $70,000: What's Driving Markets Tuesday?

The U.S. economy added 303,000 jobs last month. That data breezed past expectations for 205,000 job gains, according to FactSet consensus estimates, as quoted on CNBC. The unemployment rate in the United States dipped to 3.8% in March 2024 from the previous month&#39;s two-year high of 3.9% and surprising market expectations, which had forecasted the rate to remain unchanged.
Additionally, the labor force participation rate increased to 62.7% from a near one-year low of 62.5% in the preceding periods, and the employment-population ratio climbed to 60.3% from 60.1%. Below, we have highlighted some of the sectors that will likely see smooth trading in the days ahead in light of the strong March jobs data.
<h3>Sectors in Focus</h3>
Healthcare
Employment in the healthcare industry increased by 72,000 in jobs, above the average monthly gain of 60,000 over the prior 12 months. In March, job growth continued in ambulatory health care services (+28,000), hospitals (+27,000), and nursing and residential care facilities (+18,000).
Health Care Select Sector SPDR ETF (ARCA:XLV) can be played to tap the moderate momentum. HCA Healthcare (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hca#NYSE">HCA</a>), which has a Zacks Rank #2 (Buy) deserves a mention. It is the largest non-governmental operator of acute care hospitals in the United States.
Construction
In March, employment in construction (+39,000) was in line with the average monthly gain over the prior 12 months (+19,000). Over the month, employment increased in nonresidential specialty trade contractors (+16,000).
Investors can keep a watch on the price movement of Invesco Dynamic Building &amp; Construction ETF (ARCA:PKB). As far as the stock is concerned, Zacks Rank #2 (Buy) Dycom Industries (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dy#NYSE">DY</a>) can be played. It is a leading provider of specialty contracting services throughout the United States.
Leisure
Employment in leisure and hospitality rose by 49,000. The industry has returned to its pre-pandemic February 2020 level. Over the past one year, job growth in the industry had averaged 37,000 per month.
The data makes Invesco Dynamic Leisure and Entertainment ETF (ARCA:PEJ) a timely investment. The Zacks Rank #2 Brinker International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eat#NYSE">EAT</a>), owns, operates, develops and franchises various restaurants under Chili&#39;s Grill &amp; Bar (Chili&#39;s) and Maggiano&#39;s Little Italy (Maggiano&#39;s) brands.
<a href="https://www.zacks.com/stock/news/2252356/3-sector-etfs-stocks-to-bet-on-march-jobs-data?cid=CS-BENZ-FT-etf_news_and_commentary-2252356">To read this article on Zacks.com click here.</a>

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3 Sector ETFs & Stocks to Bet on March Jobs Data

It&#8217;s a lackluster trading session on Wall Street, with the main indices experiencing slight declines as traders adopt a cautious stance ahead of<a href="https://www.benzinga.com/calendars/economic"> a data-heavy week.</a>
 The spotlight will be on Wednesday&#8217;s release of March inflation data, with consensus among economists anticipating another uptick in the annual inflation rate from 3.2% to 3.4%, potentially causing further turbulence in expectations regarding imminent Fed rate cuts. According to the CME Group Fed watch tool, there is currently nearly a 50-50 chance between a hold and a cut in June.
The S&amp;P 500, Dow Jones, and Nasdaq 100 showed little movement at midday trading in New York, while small caps managed to inch higher.
In the bond market, Treasury yields continued to rise, with the 30-year yield surpassing 4.55%, on track to close at the highest level since late November 2023. Concurrently, the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) weakened further.
Oil prices experienced a 1% decrease following a slight easing of geopolitical tensions in the Middle East, prompted by Israel&#8217;s announcement of a partial troop withdrawal from Gaza.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was the top performer among mega-cap stocks, up 4.5%, buoyed by Elon Musk&#8217;s revelation of the launch of a &#8216;Robotaxi&#8217; in August.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was the market&#8217;s brightest spot, with the largest cryptocurrency rallying over 3.5% to $71,700.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38145847/oil-at-100-gold-at-3-000-wall-street-veteran-sees-potential-1970s-economic-storm-po">Oil At $100, Gold At $3,000? Wall Street Veteran Sees Potential 1970s Economic Storm, Posing Risks To Biden&#8217;s Reelection</a>
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,073.61</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,204.24</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,895.21</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,098.48</td>
<td>-0.1 %</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% up to $519.07, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.1% higher to $389.25 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was flat at $440.84, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 1.1%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) was the laggard, down 0.3%. 
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Shares of Apartment Income REIT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIRC#NYSE">AIRC</a>) rose 23%, after Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) announced to buy AIRC for $39.12 per share, a premium of 25% to Friday&#8217;s closing share price.&nbsp;</li>
<li>Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) rose 1.6% after the chipmaker disclosed that it will receive $6.6 billion in subsidies from the US Commerce Department to facilitate the expansion of facilities for advanced semiconductor production at its existing plants located near Phoenix, Arizona.</li>
<li>Crypto-related stock Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rallied 6.9% outperforming industry peers like Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) which remained flat for the day. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/news/econ-s/24/04/38145762/jamie-dimon-warns-of-stickier-inflation-higher-interest-rates-in-annual-jpmorgan-letter-there-will-b">Jamie Dimon Warns Of Stickier Inflation, Higher Interest Rates In Annual JPMorgan Letter: &#8216;There Will Be Plenty Of Stress&#8217;</a>
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Stocks Falter Ahead Of Data-Rich Week, Tesla Rallies On 'Robotaxi' Push, Bitcoin Reclaims $71,500: What's Driving Markets Monday?

Thursday saw U.S. equities embracing a risk-on sentiment, with major averages all showing gains as investors anticipated a potentially slowing labor market pace in March, which could bolster the case for rate cuts starting in June.
Data released this morning revealed a surge in last week&#8217;s unemployment claims, exceeding predictions at 221,000 compared to the expected 214,000. Economists anticipate a moderation in nonfarm payrolls from 274,000 in February to 200,000 in March, along with a further easing in average hourly earnings growth from 4.3% <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38095071/march-jobs-report-preview-could-fridays-data-steer-the-fed-toward-rate-cuts">to 4.1% year-on-year.</a>
At midday trading in New York, the S&amp;P 500 surged by 0.8% to 5,250 points, poised to achieve a record-high close. Similarly, the Nasdaq 100 rose by 1% to 18,350 points, also on track for a record closing. All S&amp;P 500 sectors traded in the green. 
AI-related stocks outperformed, evidenced by the Global X Artificial Intelligence &amp; Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NYSE">AIQ</a>) climbing 1.3% to reach fresh all-time highs. 
Magnificent Seven witnessed the strongest session in nearly a month, as the Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) rallied 1.7%, buoyed by robust gains from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 
Gold paused for a breather, down 0.5%, after hitting $2,300/oz. overnight, while Bitcoin rebounded by 2.9%, on track for the best session in more than a week.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,350.04</td>
<td>1.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,092.88</td>
<td>1.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,252.37</td>
<td>0.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,318.12</td>
<td>0.5%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.8% higher to $523.50, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.5% higher to $393.11 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 1.1% higher to $446.84, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.1%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) was the laggard, up 0.1%.
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Solar stocks rallied Thursday, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) up over 3%. Industry heavyweight First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) were up 5.8% and 6.5%, respectively, representing the top performers in the S&amp;P 500 index for the day.</li>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) fell over 18% as the company missed both earnings and revenue projections last quarter. </li>
<li>Other companies reacting to earnings were Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), up 16%, RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>) down 5.4%, BlackBerry Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) up 10%, ConAgra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), up 5.5%. </li>
<li>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) rose by 12% after the company produced 43 hydrogen-electric trucks in the first quarter, surpassing the production level for all of 2023 in a single quarter. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38091433/ai-revolution-is-underway-yet-its-economic-impact-is-several-years-off-goldman-sach">AI Revolution Is Underway, Yet Its Economic Impact Is &#8216;Several Years Off&#8217;: Goldman Sachs</a>
Photo: Kametaro via Shutterstock

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S&P 500, Nasdaq 100 Eye Record Close As Magnificent 7 Rally, Bitcoin Rebounds: What's Driving Markets Thursday?

<a href="https://www.whitehouse.gov/live/">https://www.whitehouse.gov/live/</a>
&nbsp;
&nbsp;

LIVE: Watch President Biden Delivers Remarks On Lowering Health Care Costs For Americans

In an exclusive interview with Benzinga, Gregory DiMarzio, vice president and portfolio manager at Rockland Trust, shared insights on the current market landscape and highlighted potential growth <a href="http://3 Semiconductor Stocks Enjoy Boost Due To AI Demand: 'Outlook Remains Strong Through Next Year'">opportunities for investors</a>.
DiMarzio emphasized the health care sector&#8217;s underperformance year-to-date (YTD) and its potential for a rebound.
<h2 class="wp-block-heading">Healthcare Sector Offers Secular Growth Attributes</h2>
Popular healthcare sector-tracking ETFs, the Health Care Select Sector SPDR ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) and the Vanguard Health Care ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VHT#NYSE">VHT</a>) are up 6.4% and 6.2% YTD, respectively. The broad market SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has gained 10.6% during that time. Over the past year, XLV and VHT have returned less than half of what the broad-market SPY has earned for investors.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37342374/beyond-tech-and-ai-why-the-sector-hedge-funds-prefer-is-not-the-one-youd-expect">Beyond Tech And AI: Why The Sector Hedge Funds Prefer Is Not The One You&#8217;d Expect</a>
Per DiMarzio, despite economic uncertainties, healthcare offers secular growth attributes that could position it well for the future. &#8220;Considering potential economic nervousness, the health care sector offers secular growth attributes that should help it rebound and either catch up with the overall market or be resistant to the downside should the market pull back,&#8221; he said.
<h2 class="wp-block-heading">Veeva Systems Has A Significant Opportunity For Growth, Says DiMarzio</h2>
One stock within the healthcare sector that DiMarzio is bullish on is Veeva Systems Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>). Veeva Systems is a cloud-computing company specializing in pharmaceutical and life sciences applications. 
DiMarzio highlighted, &#8220;Veeva Systems has a significant opportunity for growth because the industries it serves haven&#8217;t yet taken full advantage of utilizing cloud-based technology such as Veeva's.&#8221;
Veeva Systems&#8217; innovative approach to cloud computing in pharmaceuticals and life sciences positions it as a leader in the industry, he said.
DiMarzio pointed out, &#8220;The total market size globally for cloud computing in pharmaceuticals is expected to reach nearly $60 billion by 2030, a 14.6% CAGR from 2022 &#8211; 2030.&#8221; This robust growth forecast underscores the vast potential for companies like Veeva Systems to capitalize on emerging trends in the health care sector.
Read Next: <a href="https://www.benzinga.com/news/24/01/36842103/did-you-miss-these-3-high-yielding-dividend-stocks-in-health-care-sector-from-wall-streets-most-accu">Did You Miss These 3 High-Yielding Dividend Stocks In Health Care Sector From Wall Street&#8217;s Most Accurate Analysts?</a>
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Bulls are on fire in the aftermath of the Federal Reserve&#8217;s March policy meeting, igniting a rally in stocks across <a href="https://www.benzinga.com/markets">the board on Wall Street.</a>
The S&amp;P 500 index surged above 5,250 points, continuing its upward trajectory to set new record highs. All eleven sectors of the S&amp;P 500 posted gains. 
Meanwhile, the tech-heavy Nasdaq 100 surpassed 18,440 points, also achieving unprecedented all-time highs. The Dow Jones added over 300 points, edging closer to the historic milestone of 40,000 points.
In a notable display of risk sentiment, small caps also rose as evidenced by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up by 0.9%. 
Shares of Apple Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NYSE">AAPL</a>) faced a setback, down over 3%, as the Justice Department and 16 state attorneys general filed an antitrust lawsuit against the tech giant. The lawsuit alleges that Apple exerted monopolistic control in the smartphone market.
The U.S. dollar index rose, driven by significant gains of the greenback against the British pound and the Swiss franc, the latter of which suffered due to an unforeseen rate cut by the Swiss National Bank.
Gold paused for a breather, down 0.5%, after closing above $2,200 on Wednesday. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2% to $66,400. 

<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,447.55</td>
<td>1.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,099.85</td>
<td>0.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,837.39</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,261.46</td>
<td>0.7%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.7% $523.87, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.8% to $398.19 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.2% to $449.06, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Among sectors, the Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) was the top performer for the day, up 1.1%, while the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) was the laggard with a flat performance. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Shares of Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) are indicated to open at $50-$52, in their first day of trading. </li>
<li>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) rallied nearly 16% following the memory chipmaker&#8217;s earnings announcement.</li>
<li>Chipmaker peers such as Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) rose 9% following a bullish note from Goldman Sachs. </li>
<li>Other stocks moving on earnings are Steelcase Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) (down over 10%) and Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) (down about 15%), Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) (down 8%), Winnebago Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WGO#NYSE">WGO</a>) (up over 5%) and Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) (up nearly 7%), Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) (down 6%). </li>
<li>Those reporting after the close include FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>), Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>), NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) and Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>).</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37875455/bank-stocks-hit-all-time-highs-analyst-points-to-further-rally-on-a-1995-soft-landi">Bank Stocks Hit All-Time Highs: Analyst Points To Further Rally On &#8216;A 1995 Soft Landing Scenario</a>&#8216;
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Bulls Stampede On Fed's Dovish Signal, Nasdaq 100 Hits New Record High, DOJ Sues Apple: What's Driving Markets Thursday?

It&#8217;s a quiet session on Wall Street Wednesday as investors remain on the sidelines, awaiting further clues on monetary policy front with the Federal Open Market Committee (FOMC) meeting scheduled for 2 p.m. ET. Fed Chair Jerome Powell is set to speak shortly after the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37848854/fed-interest-rate-cut-bets-skate-on-thin-ice-markets-on-edge-fomc-meeting-preview">statement at 2:30 p.m.</a>
While rates are expected to remain unchanged at 5.25%-5.5%, the spotlight will be focused on updates to Fed economic projections, particularly the dot plot, which will unveil the potential trajectory of rate cuts in the future.
Market participants and economists anticipate the Fed will adhere to a strategy of three rate cuts for 2024, but there are concerns of a potential hawkish shift, suggesting fewer projected rate cuts following recent inflation surprises.
At midday trading in New York, both equity indices and Treasury yields showed flat performances. Sectors were mostly unaffected by minor fluctuations, although energy stocks experienced some pullbacks after recent gains due to a 1.9% easing in oil prices.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) made an attempt to rebound, rising 3% to $63,600, after dropping as low as $60,000 overnight.
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major Equity Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>202.24</td>
<td>0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,181.36</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,128.00</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,027.15</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was flat at $515.71, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) held steady at $391.07 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $438.80, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Among sectors, the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) was the top performer for the day, up 0.6%, while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) were the laggards, both down 0.6%. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) fell marginally by 0.3% despite the Biden administration granting the chipmaker up to $8.5 billion to fund chip plants in Arizona, New Mexico, Ohio and Oregon. </li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) rose nearly 1.5% after Bank of America raised the price target for the streaming music giant from $265 to $315. </li>
<li>Crocs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NASDAQ">CROX</a>) rallied 3% after Bank of America raised the price target from $140 to $150. </li>
<li>Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) rose over 4% after Goldman Sachs upgraded the stock from Neutral to Buy. </li>
<li>Spirit AeroSystems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) rocketed by nearly 7% after Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)&#8217;s CEO Brian West hinted at the potential recombination of the two entities.</li>
<li>Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) surged 4% after reports that the restaurant chain&#8217;s board had given the green light to a 50-for-1 stock split.</li>
<li>Equinix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) fell over 4% following the publication of a report by short-seller Hindenburg that alleges accounting manipulations. </li>
</ul>
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Stocks Hold Steady Ahead Of Fed Meeting, Oil Eases, Bitcoin Rebounds: What's Driving Markets Wednesday?

The health care industry contributed more than a quarter of the <a href="https://benzingalabs.com/accounts/login/?next=/">275,000 jobs created in the U.S. in February</a>, as the industry continues to seek hospital and ambulatory care staff.
Data from the Bureau of Labor Statistics, published on Friday, showed that of the 275,000 increase in payrolls in February, 67,000 were added in the health care sector, well above the 12-month average of 58,000.
Of these 67,000 new jobs, around 28,000 were added in ambulatory health care — medical services provided on an outpatient basis. Another 28,000 were employed in hospitals and around 11,000 were provided to nursing and residential care workers.
Health care has become one of the best-performing investment sectors as new blockbuster drugs such as weight-loss treatments become increasingly popular. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>), an exchange traded fund that tracks the industry, has gained nearly 8% this year.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/08101930/newplot-2024-03-08T141912.888.png" alt="" class="wp-image-244851" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/08101930/newplot-2024-03-08T141912.888.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/08101930/newplot-2024-03-08T141912.888-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/news/econ-s/24/03/37558250/february-jobs-growth-beats-estimates-but-unemployment-rate-rises-to-3-9-wage-growth-eases">February Jobs Growth Tops Forecasts, Yet Higher Jobless Rate, Easing Wages Give Green Light To Fed Rate Cuts</a>
<h1 class="wp-block-heading">Government Employment Steady</h1>
Government employment was the next biggest growth area, with 52,000 new jobs being created — close to the 12-month average of 53,000 — as local governments added 26,000 and federal government added 9,000.
Construction jobs increased by 23,000, beating the 12-month average of 18,000 thanks to growth in heavy and civil engineering jobs. The construction industry has gained momentum in 2024 and the Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) is up nearly 13% year-to-date.
Transportation and warehousing jobs rose by 20,000, with 17,000 new couriers and messengers added to the labor force after losing around 70,000 in the prior three months. Air transportation gained 4,000. However, the sector as a whole is down by 144,000 since peaking in July 2022.
The iShares Transportation Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYT#NYSE">IYT</a>) has gained nearly 7% so far in 2024.
Retail trade employment was up by 19,000 jobs in February, showing little net change over the past year. The SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) is up nearly 5% year-to-date.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37544925/apple-vs-nvidia-only-one-added-1-trillion-in-67-days-as-battle-for-mega-cap-dominan">Apple Vs. Nvidia: Only One Added $1 Trillion In 67 Days As Battle For Mega-Cap Dominance Continues</a>

Health Care Workers Underpin US Jobs Growth In February

The S&amp;P 500 index concluded Thursday&#8217;s session at 5,171, marking a 1% increase and <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37542707/s-p-500-reclaims-all-time-highs-as-powell-hints-at-rate-cuts-nvidia-breaks-900-bitcoin-nea">reaching fresh historical highs. </a>
 This rally shifted the week&#8217;s momentum to positive, potentially marking the 17th gain in the last 19 weeks, unless the index falls by 0.4% on Friday.
Since the end of October, the index, as monitored through the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has surged over 25%, a testament to the strong trend driving the U.S. equity market.
Currently, the breadth of the market remains healthy with 71% of the S&amp;P 500 stocks trading above their 50-day average, and an even more impressive 74% surpassing the 200-day average. The latter is inching closer to the 75% threshold, a peak not reached since January and the highest since October 2021.
Chart: S&amp;P 500 Breaks All-Time Highs Again
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1024x495.png" alt="" class="wp-image-244016" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Diverse Sector Performance Defines This Week&#8217;s Rally
In a significant departure from previous weeks when the technology sector was predominantly at the forefront of the S&amp;P 500&#8217;s advances, this week witnessed a nuanced shift in market leadership. 
Sectors that had previously lingered in the background, overshadowed by the tech behemoths, emerged as this week&#8217;s frontrunners.
The materials sector led the charge with a 2.8% increase, closely followed by utilities, energy, and consumer staples, showcasing gains of 2.4%, 2%, and 1.73%, respectively. The tech sector, usually the market darling, found itself in the fifth spot, rising by 1.69%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>This week&#8217;s performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>2.63%</td>
</tr>
<tr>
<td>Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.38%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>1.96%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>1.73%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>1.69%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>1.51%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>1.28%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>0.47%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>0.43%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.87%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Extreme Technical Overbought Signals Emerge</h3>
Despite the euphoria surrounding the S&amp;P 500&#8217;s record-breaking run, a closer examination of the technical landscape reveals emerging caution signs. 
The index&#8217;s relentless upward trajectory has catapulted the Relative Strength Index (RSI) to a staggering 77, a figure not seen since January 2020, just before the global markets were roiled by the Covid-19 pandemic. 
Such elevated RSI levels are traditionally viewed as overbought signals, suggesting that the current pace of the rally might be stretching the bounds of sustainability.
Chart: S&amp;P 500&#8217;s Weekly RSI Reaches Most Overbought Levels In Four Year
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1024x495.png" alt="" class="wp-image-244045" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Photo: Shutterstock

Technicals

S&P 500 Index Closes At Record Heights, Reaches Most Overbought Conditions Since January 2020

Hedge funds are steering clear of the booming artificial intelligence (AI) market and other technology stocks that have led the market rally over the past year. Instead, they are placing their bets on the healthcare sector, revealing a calculated move<a href="https://www.benzinga.com/money/best-value-stocks"> towards stability and value.</a>
According to the Goldman Sachs Hedge Funds Monitor, hedge funds are heavily favoring the healthcare sector, allocating to it over 600 basis points beyond the benchmark&#8217;s weight.
In the S&amp;P 500, the healthcare sector boasts a 12.8% weight, while tech nearly 30%. For the median hedge fund portfolio as of the end of Q4 2023, healthcare a weight of nearly 20%, while tech was underweighted by six percentage points to about 24%. 
Much of this overweight is likely due to the relatively underwhelming performance of healthcare stocks compared to technology, as well as their relative affordability.
The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) has surged by nearly 50% in the past year. In contrast, healthcare stocks, as tracked by the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>), have only risen by 13.7% over the same period.
From a valuation perspective, while the technology sector trades at about 28 times its forward one-year earnings, health care is relatively cheaper at 19 times forward earnings.
Delving deeper, hedge funds have placed their bets on a handful of conviction healthcare stocks. As of December, prominent names in their portfolios, include:
<ul>
<li>Eli Lilly &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)</li>
<li>Tenet Healthcare Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>)</li>
<li>Karuna Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRTX#NASDAQ">KRTX</a>)</li>
<li>Boston Scientific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>)</li>
<li>Danaher Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>).</li>
</ul>
<h3 class="wp-block-heading">8 Top-Performing Health Care Stocks</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name IT</td>
<td>Market Cap</td>
<td>Price Chg. % ↓ (YTD)</td>
</tr>
<tr>
<td>Eli Lilly and Company</td>
<td>$ 694.85B</td>
<td>32.42%</td>
</tr>
<tr>
<td>Catalent, Inc.</td>
<td>$ 10.55B</td>
<td>29.95%</td>
</tr>
<tr>
<td>Viatris Inc.</td>
<td>$ 15.99B</td>
<td>23.08%</td>
</tr>
<tr>
<td>Da Vita Inc.</td>
<td>$ 11.10B</td>
<td>20.87%</td>
</tr>
<tr>
<td>Merck &amp; Co., Inc.</td>
<td>$ 326.83B</td>
<td>18.30%</td>
</tr>
<tr>
<td>GE HealthCare Technologies Inc.</td>
<td>$ 10.55B</td>
<td>18.04&amp;</td>
</tr>
<tr>
<td>Striker Corp. </td>
<td>$ 41.56B</td>
<td>18.04%</td>
</tr>
<tr>
<td>HCA Health care</td>
<td>$82.50B</td>
<td>5.80%</td>
</tr>
</tbody>
</table>
</figure>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37324835/ticking-time-bomb-over-85-of-americans-fear-national-debt-crisis-impact-on-their-fu">Ticking Time Bomb: Over 85% Of Americans Fear National Debt Crisis Impact On Their Future</a>
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KRTX

Beyond Tech And AI: Why The Sector Hedge Funds Prefer Is Not The One You'd Expect

U.S. stocks could see a pause on Friday as traders take a breather following <a href="https://www.benzinga.com/news/earnings/24/02/37279701/investor-optimism-improves-further-s-p-500-settles-at-record-high" target="_blank" rel="noreferrer noopener">the impressive rally</a> on Thursday, sparked by Nvidia Corp.&#8217;s (NVDA) strong quarterly results. Additionally, comments from Federal Reserve Governor Lisa Cook after the market closed reinforced the central bank&#8217;s stance of holding off on rate cuts until inflation shows a sustained decline. Cook emphasized the need for greater confidence in inflation converging towards the 2% target before considering rate cuts.
The lack of significant economic data on Friday might lead to indecision among traders, particularly as they absorb Thursday&#8217;s gains.
Thursday&#8217;s Market Recap:
Nvidia&#8217;s earnings ignited a significant upward surge in the markets on Thursday. Major indices opened higher with a gap and maintained steady growth throughout the session. Economic data presented mixed signals, with manufacturing activity exceeding expectations in February while the service sector showed a slowdown.
Other notable data points included a surprise decline in weekly jobless claims and slightly higher-than-expected existing home sales for January.
The Nasdaq Composite closed above the 16,000 mark for the first time since Nov. 19, 2021, while the S&amp;P 500 Index and the Dow Jones Industrial Average reached new record highs.
The market witnessed broad-based strength, except for defensive utility stocks which closed lower. IT stocks led the gains, followed by communication services, consumer discretionary, industrial, healthcare, and financials.
Larry Tentarelli, Chief Technical Strategist at Blue Chip Daily Trend Report, observed that 55 stocks, representing 10% of the S&amp;P 500 companies, reached new all-time highs, including several bellwether stocks. He also noted that the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>),&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) and&nbsp;VanEck Semiconductor ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) achieved new 52-week highs, along with the&nbsp;Invesco S&amp;P 500 Equal Weight ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>).
Tentarelli characterized the market movement as &#8220;a very constructive breakout,&#8221; further confirmed by the S&amp;P 500 Advance-Decline line reaching a new record high, indicating broad market participation.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+2.96%</td>
<td>16,041.62</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+2.11%</td>
<td>5,087.03</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.13%</td>
<td>38,612.24</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.96%</td>
<td>2,013.84</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Analyst Color:</figcaption></figure>
After Thursday&#8217;s Nvidia-induced rally, an analyst began factoring in the possibility of the market outperforming even if the Fed does not cut rates. &#8220;The major catalyst for markets, absent rate cuts throughout the year, would by necessity be earnings, and here NVIDIA wowed investors and traders alike. AI came to life for global markets wondering if it was just a passing phase,&#8221; said Quincy Krosby, Chief Global Strategist at LPL Financial.
Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, did not agree with Krosby. &#8220;We expect the momentum to continue and for markets to melt up in the short run, but the story of the stock market for this year will eventually be about the economy (e.g. whether or not we go into recession) and the Federal Reserve (e.g. whether they cut interest rates or perhaps even raise them again),&#8221; he said.
Futures Today
 Futures Performance On Friday (as of 7:05 am ET)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.10%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.02%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.12%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.33%</td>
</tr>
</tbody>
</table>
</figure>
<a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.07% to $507,86 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged down 0.02% to $438, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Upcoming Economic Data:
No economic report of significance is due for Friday.
See Also: <a href="https://www.benzinga.com/money/best-brokers-futures-traders">Best Futures Brokers</a>
Stocks In Focus:
<ul>
<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) shares rose over 16% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after the Jack Dorsey-led company reported a surprise profit for its fourth quarter.</li>
<li>Other companies moving on earnings are Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) (up over 31%), Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>) (down over 3.6%), Maravai LifeSciences Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVI#NASDAQ">MRVI</a>) (up over 21%), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>) (up about 3.75%), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) (down over 8.75%), MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) (down over 7%) and Noble Corp Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) (down over 4%).</li>
<li>E.W. Scripps Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSP#NASDAQ">SSP</a>), Bloomin&#8217; Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>) and Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) are among the notable companies due to report their <a href="https://www.benzinga.com/calendars/earnings">quarterly results ahead of the market open.</a></li>
<li>Nvidia rose over 1.40%, extending the momentum from the previous session.</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures slipped 1.63% to $77.33 in early European session on Friday, giving back all of the 0.90% gain it made on Thursday. The benchmark 10-year Treasury note rose 0.008 percentage points at 4.335%. 
The buoyancy seen in Asia ahead of Nvidia&#8217;s earnings tempered on Friday, with the domestic markets ending on a mixed. The Japanese market remained closed on account of a public holiday. While Hong Kong, India, Indonesia and Singapore receded, the rest of the markets posted modest gains, led by the Chinese market. 
Economic data out of China showed that the year-over-year decline in property prices accelerated in January and this potentially increased hopes of more stimulatory measures from the government.
European markets traded mixed by late-morning trading on Friday. The German market was marginally higher after final estimates confirmed that the country&#8217;s economy contracted by 0.3% in the fourth quarter. The U.K. market fell, while France&#8217;s CAC 40 was up moderately. The Euro STOXX 50 rose 0.25% at the last check.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37265770/retail-traders-are-extra-bullish-charles-schwab-survey-shows-52-eye-single-stock-pu">Retail Traders Are Extra Bullish: Charles Schwab Survey Shows 52% Eye Single Stock Purchases In Q1</a>
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