How Big Tech Became the New Defensive Stock Play

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Amazon shares were up 10.1% this past week.

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Crises make strange bedfellows. Just look at the new class of defensive stocks: utilities, consumer staples, healthcare—and Big Tech.

Over the past week, the

Technology Select Sector SPDR
exchange-traded fund (ticker: XLK) was the market’s best performer, rising 6.3%, followed by a 6.1% gain for the

Communication Services Select Sector SPDR
ETF (XLC). The defensive

Utilities Select Sector SPDR
ETF (XLU) climbed 4.1%, followed by the

Consumer Discretionary Select Sector SPDR
ETF’s (XLY) 3.6% gain.

In reality, though, technology did the heavy lifting. Given sector divisions, XLC includes Big Tech names like Google parent


(GOOGL) and Facebook parent

Meta Platforms

(META), which gained 12.8% and 10% this past week, respectively, while XLY is home to

(AMZN), up 10.1% for the week, and


(TSLA), which rose 7.5%.

That makes three of the four best-performing sectors this week tech-centric, even as big market swings fueled by banking worries sent investors for cover in relative safe havens. Aside from utilities’ rise, the

Health Care Select Sector SPDR
ETF (XLV) climbed 1.7% and the

Consumer Staples Select Sector SPDR
ETF (XLP) added 1.5%, making them the fifth- and sixth-best performers. Likewise, gold prices jumped just under 6%, notching their…


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