The S&P 500 reached a record high above 6,700, driven by a significant rally in the pharmaceutical sector following a drug pricing deal between the White House and Pfizer. Investors are rotating into healthcare, a historically underweighted and undervalued sector, as concerns over government pricing policies subside and companies like Eli Lilly and Biogen show renewed momentum. While the patent cliff remains a long-term headwind, the market is currently prioritizing valuation re-rates and potential AI-driven advancements in drug discovery. Simultaneously, Intel shares surged on reports of potential foundry partnerships with AMD, though analysts remain cautious regarding the company's ability to translate headlines into sustainable technological and financial success. Despite ongoing political stalemates regarding a potential government shutdown, the broader market continues to exhibit resilience, maintaining a positive outlook for the fourth quarter.
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