Stock Market Update
30-Jul-26 12:00 ET
Health care under the weather today
Dow +322.69
at 51916.83,
Nasdaq +578.70
at 25042.65,
S&P +84.82
at 7400.97
[BRIEFING.COM] Outside of communication services (-2.8%), which is being stung by the weakness in Meta Platforms (META 533.71, -51.90, -8.86%), the consumer staples (-2.2%) and health care (-1.9%) sectors are seeing the biggest fallout in today's market.
Notwithstanding today's outsized losses, the consumer staples and health care sectors are still higher for the week. They have been big beneficiaries of the broadening out trade that saw these defense-oriented sectors benefit at the expense of the semiconductor stocks and other growth stocks that were afflicted by rising interest rates and an unwinding of momentum trades.
Eli Lilly (LLY 1160.39, -49.63, -4.10%), a mega-cap stock in its own right, is a key drag today on the health care sector. The majority of components in the sector are down at least 1.0%, making Baxter (BAX 27.71, +2.94, +11.87%) a huge outlier.
Before today's open, Baxter posted better-than-expected Q2 results and raised its FY26 EPS and revenue guidance above consensus estimates.
