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Market rotation is moving capital away from semiconductor stocks and into defensive sectors, a shift Yahoo Finance Markets and Data Editor Jared Blikre describes as a hallmark of bull markets.
While the Nasdaq remains in the red, investors are seeking safety in healthcare and energy, which are outperforming the broader market despite recent volatility in chip-related names.
Healthcare has reached a record high, marking its first milestone since mid-August.
Blikre noted that this move has not been widely tracked by investors, though large companies like Eli Lilly and Merck have performed well alongside Moderna.
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