As investors reconsider massive bets on artificial intelligence stocks, a rotation toward more defensive corners of the US equity market has left a clear winner this month: health-care companies.
The S&P 500 Health Care Index is up 10% through Tuesday, outperforming the other 10 sectors in the benchmark for US stocks. The broader index is down 1.1% in the period. Eli Lilly & Co. has surged 29% to become the first health company with a $1 trillion valuation. Regeneron Pharmaceuticals Inc., Merck & Co. and Biogen Inc. are all up at least 18% since the end of October.