The equal-weight S&P 500 had been holding today, even as Apple, Microsoft and Amazon pulled tech stocks lower, but it’s dipped into the red now as the selloff deepens in pharma stocks. The S&P 500 Health Care Index is heading for its worst day in three months and has passed tech to become the biggest loser in the overall index. Roche announced “promising” results from a weight-loss pill, which has not helped its competitors. It’s very hard for stocks to close higher when both health care and tech are down.

Health care is the third-largest sector of the index, though it has seen its weighting diminish this year as tech capitalizations have increased. It’s very unusual for both sectors to dip on the day without pulling the equal-weight S&P 500 down with them. In the past 20 years, on days when both tech and health care have been in the red, the SPW has only managed to stay in the green 12% of the time. The S&P 500 on the other hand has only managed to close higher 6.7% of the time.
Interestingly, Nvidia, Tesla and Meta are all higher on the day, but not by enough to offset the steep declines in other tech names. Tech and health care are also the worst-performing sectors of the Russell 2000.
Source: Bloomberg PLC

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