The S&P 500 information technology sector dropped 1% on the day as investors moved out of chip stocks and continued to buy up shares of healthcare names after the group was a standout in the prior trading day. Shares of Eli Lilly were up 7%, while Johnson & Johnson gained almost 4%. AbbVie shares advanced more than 4%. Beyond healthcare, the consumer staples, financials and utilities sectors were also winners of the day. Consumer staples advanced nearly 1%, while financials and utilities gained 0.8% and 0.4%, respectively. Better-than-expected consumer sentiment data, along with an improved inflation outlook, lent support to the market Friday. That’s even as Minneapolis Federal Reserve President Neel Kashkari said he now expects that one interest rate hike will be necessary this year as a result of rising inflation linked to the conflict in the Middle East. $SPX