The wrong kind of stocks are leading the stock market to records


Traders work the floor of the New York Stock Exchange.

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This stock market rally to records is starting to look shaky.

The S&P 500 refreshed its record again on Tuesday ahead of an expected rate cut from the Federal Reserve, but looking under the hood, investors are increasingly flocking to one of the safest pockets of the market — defensives.

Health care stood out as the best-performing sector on Tuesday, lifted by Pfizer, Merck and HCA‘s earnings beats. Consumer staples and real-estate stocks also outperformed. However, growth and more cyclical names — tech, communication services and consumer discretionary — have started to show signs of weakness.

“The S&P 500 is back at…


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