Defensive stocks rallied Monday as Wall Street rotated out of artificial intelligence infrastructure names. The move followed a weekend essay in which Anthropic CEO Dario Amodei urged the industry to slow model development. Treasury yields eased after briefly topping 5%, while rate-hike odds stood above 92% on the CME FedWatch tool. Johnson & Johnson, Eli Lilly, Costco, CrowdStrike and Palo Alto Networks all gained, with CrowdStrike and Palo Alto advancing about 14% each. The Fed holds its two-day policy meeting starting Tuesday.
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