US Stock Market Move | Capital rotates into defensive sectors; pharmaceutical stocks buck the trend and strengthen; Eli Lilly (LLY.US) rises over 4%.
On Thursday, the pharmaceutical sector strengthened against the broader market trend.
On Thursday, the pharmaceutical sector strengthened against the broader market trend. Astrazeneca PLC Sponsored ADR (AZN.US), Bristol-Myers Squibb (BMY.US), and Eli Lilly (LLY.US) rose over 4%, while GlaxoSmithKline plc Sponsored ADR (GSK.US), Novo Nordisk A/S Sponsored ADR Class B (NVO.US), and Novartis AG Sponsored ADR (NVS.US) gained more than 3%. Pfizer Inc. (PFE.US) and Merck & Co., Inc. (MRK.US) rose over 2%.
Analysts noted that as the U.S. September CPI data came in above expectations, market concerns over Federal Reserve rate hikes intensified, the AI hardware sector faced large-scale selling, and after risk appetite retreated, capital rotated into defensive sectors such as pharmaceuticals.
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