Healthcare Stocks ending the week on ‘bearish’ mode Â
Most sectors are rallying on Friday, but healthcare is a glaring exception!
Healthcare stocks dominate the list of biggest laggards in the S&P 500
Tweet on healthcare stocksÂ
Healthcare Stocks Sell Off Friday!
Most of sectors are rallying on Friday, but healthcare is on a bearish mode!#biotech #healthcare pic.twitter.com/gma3DsDTga
— The_Journalbiz (@the_journalbiz) January 6, 2023
FactSet chart on healthcare stocks
Baxter International shares fell 6% after the hospital products supplier announced it plans to spin off its kidney-care business.
Lab equipment maker Thermo Fisher Scientific was down about 5%, on pace for its worst day since 2020. Waters Corp. and Danaher were down 8% and 3%, respectively.
Large-cap healthcare has proven an attractive defensive play, especially during the early day of pandemics as investors have sought safety in the dividends, and the perceived insulation from a broader recessionary environment that the sector can offer
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