Stock Market Today: Defensive Stocks Drive Trends Ahead of Nine-Day Winning Streak
Tuesday, 20 August 2024, 02:18
Market Trends in Defensive Stocks
Stock market today illustrates a notable trend: defensive stocks like consumer staples have come back into favor. As reported earlier by MarketWatch, this trend has been further analyzed by DataTrek's Nicholas Colas.
Performance Breakdown
- Utilities, consumer staples, and health-care stocks have shone brightly, securing three of the top four spots since the S&P 500's latest record high on July 16.
- Despite a recent rebound for technology stocks post-August 5's downturn, they remain over 3% below previous highs.
- Utilities have seen an impressive rise of nearly 7% in this period.
Investor Sentiments
When defensive stocks start to thrive, investors often become anxious, recalling these firms' tendency to outperform during economic downturns. However, Colas argues that the performance of these stocks does not necessarily indicate impending economic strife.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.