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Many view healthcare as a defensive sector because it has constant demand and is somewhat insulated from the economy. In the latest week, investors pulled a net $1.4 billion from the sector, the biggest weekly outflow since May 2022. Overall, the healthcare sector - which ranges from health insurers like UnitedHealth to pharmaceutical companies like Pfizer to small biotechs - has received the third largest inflows of any sector year to date, BofA's data showed. This would weaken the case for loading up on healthcare stocks. Overall, healthcare sector earnings are expected to lag this year as COVID-related revenues decline 13% versus a 1.8% rise for the overall S&P 500.
Persons: Brendan McDermid, Bob Kalman, Emily Roland, Dan Lyons, Janus Henderson, you've, Lyons, Kalman, Joe Biden's, Margie Patel, Patel, David Randall, Ira Iosebashvili, Megan Davies, David Gregorio, Richard Chang Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, BofA Global Research, Pfizer, Miramar Capital, Healthcare, John Hancock Investment Management, Janus Henderson Investors, U.S, Bristol Myers Squibb, Allspring Global Investments, Thomson Locations: New York City, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy remains very strong despite Fed's rate hikes, says Allspring Global's Margie PatelJulia Coronado, founder of Macro Policy Perspectives, and Margie Patel, senior portfolio manager for multi-asset solutions with Allspring Global Investments, join 'The Exchange' to discuss the potential for a Fed rate pause, the Fed's mission to find an adequate hold rate, and investment strategies for the fixed-income market.
Persons: Allspring, Margie Patel Julia Coronado, Margie Patel Organizations: Macro, Allspring Global Investments
The ETF has slumped nearly 26% since March 8, when SVB's troubles became known, while the S&P Regional Banks Select Industry Index (.SPSIRBK) is down around 23%. Concerns over deposit flight are still swirling around some regional banks. He owns shares of large regional banks including Citizens Financial Group Inc (CFG.N), which have fallen about 22% so far this year, and US Bancorp (USB.N), which are down some 18%. Margie Patel, a senior portfolio manager at Allspring Global Investments, has been adding new positions in regional banks over the last few weeks, citing "value." Regional banks "need positive news that shows their deposits are holding firm or growing," said Rick Meckler, a partner at family office Cherry Lane Investments.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Margie Patel, senior portfolio manager at Allspring Global InvestmentsMargie Patel, senior portfolio manager at Allspring Global Investments, joins 'The Exchange' to discuss market caution ahead of Powell's comments, the effect of monetary policy on labor markets, and finding safe havens for the current economic conditions.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMitigating unexpected loss with Margaret Patel, sr. portfolio manager at Allspring Global InvestmentsMargie Patel, senior portfolio manager at Allspring Global Investments, joins 'The Exchange' to discuss market caution ahead of Powell's comments, the effect of monetary policy on labor markets, and finding safe havens for the current economic conditions.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Allspring Global Investments' Margie PatelMargaret Patel, Allspring Global Investments senior portfolio manager, joins 'Power Lunch' to discuss the likelihood of more upside in bond yields, markets feeling toward rate performance, and the potential for further economic erosion.
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