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S&P 500 pulls back from record highs as defense stocks outperform
The S&P 500 eased from record highs amid profit-taking while defense stocks climbed on expectations of stronger military spending.
U.S. equities pulled back on January 8, with the S&P 500 extending its retreat from recent record highs amid profit-taking and mixed economic signals. Traders dialed back risk exposure as broader market leadership showed signs of divergence. Defense stocks bucked the broader pullback, climbing on expectations of increased military spending and strategic reallocations by institutional investors.