Key Highlights

● Health care hit a record high on Friday, October 30, 2026.

● It was one of six S&P 500 sectors to rise.

● Regeneron was the S&P 500's top gainer.

● Eli Lilly, Pfizer and Johnson & Johnson hit 52-week highs.

The health care sector reached a record high on Friday, October 30, 2026, according to market data, even as Wall Street suffered its worst session since June. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite lost 747.73 points to 25,437.00.

Health care was one of six sectors to rise. Investors pulled money from AI, semiconductor and megacap technology stocks after Intel (NASDAQ:INTC)'s cash-burn warning and Amazon (NASDAQ:AMZN)'s negative trailing free cash flow, and moved it into energy, consumer staples, utilities and health care.

Regeneron, AbbVie and more

Regeneron Pharmaceuticals (NASDAQ:REGN) was the S&P 500's top gainer. Its third-quarter Revenue reached $5.12 billion, well above the $4.54 billion forecast, and non-GAAP Earnings came in at $20.07 a share against expectations of $16.24. Market data also cited $1 billion in upfront payments from an expanded Sanofi (NASDAQ:SNY) deal and an FDA approval, and market reports said that the company raised its full-year outlook.

AbbVie (NYSE:ABBV) hit a 52-week high after reporting third-quarter revenue of $17.404 billion, ahead of the $17.36 billion estimate, and adjusted earnings of $3.82 a share against $3.74 expected. It raised its full-year adjusted earnings guidance to $13.95 to $13.99 a share and lifted its quarterly Dividend to $1.82. "AbbVie continues to deliver outstanding results, reflecting solid execution across our diverse portfolio," said Robert A. Michael, chairman and CEO.

Gilead Sciences (NASDAQ:GILD) rose after posting non-GAAP earnings of $2.55 a share against expectations of about $1.78, on revenue of $8.30 billion. It raised its full-year product sales outlook to $31.0 billion to $31.3 billion. DexCom gained after beating estimates and authorizing up to $1 billion in buybacks, and AstraZeneca (NASDAQ:AZN) rose on a third-quarter beat.

Eli Lilly (NYSE:LLY) had no new company news on Friday but gained in the defensive rotation and hit a 52-week high, according to market data. Its third-quarter results on Thursday showed earnings of $7.48 a share against $6.61 expected and a revenue forecast raised to $91 billion to $92 billion. Johnson & Johnson (NYSE:JNJ), Pfizer (NYSE:PFE) and Cardinal Health also reached 52-week highs, moving with the sector.

Not every name joined in

The rally had exceptions. Illumina (NASDAQ:ILMN) fell steeply after third-quarter revenue of $1.13 billion came in about $20 million below consensus. Stryker (NYSE:SYK) dropped after revenue of $6.52 billion missed the $6.61 billion estimate and the company cut its organic growth outlook; Canaccord downgraded the shares to Hold from Buy.

Why defensives won

Health care companies sell medicines and medical services that people need regardless of economic swings, which makes their earnings less sensitive to the Business Cycle than those of chipmakers or cloud providers. With investors questioning the payoff from massive AI spending, that steadiness drew buyers.

October as a whole favored the sector. Health care, utilities and staples all posted strong monthly gains, according to market data, while technology and communication services were the only sectors to fall. A senior market analyst said that "strong AI Demand is no longer enough on its own."

What to watch

Pfizer reports on Tuesday, November 3, the same day as the midterm elections. The October jobs report follows on Friday, November 6. Investors will be watching whether the defensive rotation persists if tech stabilizes, and whether drug-pricing questions resurface; Gilead's management, for one, expects Medicare pricing for Biktarvy to cut net revenue by $1.5 billion a year from 2028.