How Big Tech Became the New Defensive Stock Play | Barron’s

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.

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