Healthcare Stocks Lead Highs Thursday; Initial Claims Rise to 412,000

During trading Thursday, 54 stocks traded to a 52-week high, while 7 stocks bottomed out at new 52-week lows. The S&P 500 is up 0.01% so far today while the Dow is down 0.75%, the Nasdaq is up 0.88%, and the Russell 2000 is down 1.31%.

Markets are mixed Thursday following yesterday’s Federal Reserve meeting. The central bank provided updated economic guidance including two expected rate hikes in 2023. The Fed did not provide any signals for reducing bond purchases any time soon. Initial unemployment claims for the first time since April rising from 375,000 to 412,000 claims. Analysts were expecting a drop in claims to 350,000.

Sector Highlights

Healthcare stocks dominated our list of highs today with 16 out of the 54 total stocks that reached their high coming from the Healthcare sector. The Healthcare sector is outperforming the market, increasing 0.77% so far on the day. Over the last month the Healthcare sector has underperformed the market, decreasing 0.49% while the S&P increased 1.19%.

Healthcare stocks have the most highs Thursday as the sector inches higher but is still underperforming the overall market the past month of trading.

Healthcare: AMEH, BKD, CDMO, CRL, IDXX, KIN, LMAT, NTUS, NVCR, PDCO, PTGX, RMD, TECH, THC, TVTY, WAT,

Financial Services had the second largest presence on our 52-week highs, with 12 out of 54 highs coming from the Financial Services sector. The Financial Services sector is outperforming the market today, decreasing 2.93% so far on the day. Over the last month the Financial Services sector has underperformed the market, decreasing 1.96% while the S&P increased 1.19%.

Finance stocks had the second most highs despite the sector getting crushed on the day from traders moving to tech stocks once again in response to recent comments from the Fed.

Financial Services: APO, BX, CG, EGBN, EIG, NAVI, NDAQ, SBNY, SLCT, TBBK, TROW, VBTX,