Defensive Sectors Advance Friday as Technology Shares Retreat

Deep News10-30

On a day when the technology sector weakened and the Nasdaq fell more than 2%, defensive areas such as consumer staples and healthcare moved higher on Friday.

The Consumer Staples Select Sector SPDR Fund (XLP) rose nearly 2%, touching an all-time intraday high of $90, with several stocks in the sector hitting 52-week highs.

Tobacco company Altria Group Inc (NYSE: MO) climbed more than 2%, reaching a new 52-week high of $79.

Consumer goods firm Philip Morris International Inc (NYSE: PM) gained 1.6% to $214 per share, also setting a fresh 52-week high.

Keurig Dr Pepper Inc (NASDAQ: KDP) added 1.4%, touching a 52-week high of $36.

Meanwhile, the Health Care Select Sector SPDR Fund (XLV) advanced 1.5% to $187, hitting a 52-week high.

Major holdings of the ETF, including Eli Lilly and Co (NYSE: LLY), Johnson & Johnson (NYSE: JNJ), Pfizer Inc (NYSE: PFE) and Gilead Sciences Inc (NASDAQ: GILD), all rose on Friday and reached 52-week price highs.

Regeneron Pharmaceuticals Inc (NASDAQ: REGN) stood out in particular. The drugmaker released strong third-quarter results Friday morning, sending its shares surging more than 12%.

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