Defensive Stocks Surge as Consumer Staples Jump 3.3% While Tech Sells Off

Investors rotated into defensive sectors on Thursday as technology sold off. Consumer Staples gained 3.31% and Utilities rose 2.07%, according to market wrap-ups, while the equal-weight S&P 500 ETF rose 0.73% even as the cap-weighted index fell 1.2%.

Procter & Gamble gained about 5.6% and Lockheed Martin rose roughly 7%, underscoring the shift toward steadier earners. The rotation is generally favorable for grocery, food and consumer names such as Kroger, Walmart, Coca-Cola and Tyson Foods.

Strategists often see such moves as a sign of risk aversion rather than a change in fundamentals. Whether the rotation lasts will depend on how technology stabilizes and on oil prices, which remain elevated.