Finance

Bristol Myers Squibb and Procter & Gamble buck the down market

U.S. equities slipped on Thursday as tech led a broad retreat, with the S&P 500 down about 1% and the Nasdaq off roughly 1.4%. In a defensive rotation, Bristol Myers Squibb rose about 3.5% and Procter & Gamble gained around 1%, illustrating how health care and consumer staples can outpace on risk-off days.

📅 February 05, 2026
⏱️ 2 min read
Bristol Myers Squibb and Procter & Gamble buck the down market

Key Takeaways

  • S&P 500 down ~1% and Nasdaq ~1.4% for the third straight session.
  • Bristol Myers Squibb up ~3.5% and Procter & Gamble up ~1% as defensives lead.
  • Boeing up nearly 2% on jet-order talks; Citi and Jefferies notes provided upside catalysts.
  • Costco up >1% with January core same-store sales ex-fuel & FX +6.4% vs. 5.1% consensus; weather tailwinds and gold demand cited.
  • Upcoming catalysts include Amazon earnings after the bell, Fortinet earnings, Alphabet ~1.5% lower intraday, Salesforce ~4.5% lower

People Involved

  • Citi AnalystsEquity analysts at Citigroup
  • Jefferies AnalystsEquity analysts at Jefferies
  • CNBC Investing ClubMarket commentary group referenced in recap

Entities Involved

  • Bristol Myers Squibb (BMY)Pharmaceutical company
  • Procter & Gamble (PG)Consumer goods company
  • Boeing (BA)Aircraft manufacturer
  • Costco Wholesale (COST)Retail warehouse club
  • Amazon.com (AMZN)E-commerce and cloud services company
  • Fortinet (FTNT)Cybersecurity company
  • Alphabet (GOOGL)Tech conglomerate (Google parent)
  • Salesforce (CRM)Cloud software company
  • Saudia (Saudi Arabia’s flag carrier)National airline

MarketMoodz Analysis

The day’s action highlights a risk-off backdrop where investors seek defensives and high-quality plays. Even as the market fell, a handful of non-tech names delivered positive performance, underscoring how portfolio construction can tilt toward dividend yield and earnings resilience when growth stocks retreat.

Historically, markets grind higher when breadth widens and defensives outperform during pullbacks. The CNBC Investing Club note that consumer staples and healthcare were carrying the day fits that pattern, suggesting today’s leadership could influence sector allocation in coming sessions. Watch rate expectations, earnings cues from Amazon and Fortinet, and AI spend signals that could broaden or further narrow leadership.

What to watch next: Amazon reports after the bell, Fortinet follows later, and Alphabet/Salesforce commentary will inform risk appetite for enterprise software and AI-related spend. Monitor Boeing’s order news and Costco’s ongoing demand trends as early indicators of rotation stability.

Source: Original Article

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