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Pair Trade Check

Market ETF leads, Healthcare lags: where rotation is moving - Spdr S&P 500 Etf Trust (SPY)

Sector ranking shows Market ETF near the top and Healthcare near the bottom. The current spread is 1.47%, with rotation concentrated in a narrow set of names.

Feb 20, 2026Slot (ET): 2026-02-20 13:45 ETSession: middayUpdated dailyTrigger: Market ETF leads while Healthcare lags with 1.47% spread4 companies in focus
Back to analytics feedExplore companies
sector rotationmarket etfhealthcareequity sectors
Analyst commentary

What moved and why

Session breadth: 16 gainers vs 13 decliners. High-volume names: 10. Average move: +0.03%.

News catalysts

LLYORBIMED Advisors Trims $125 Million Terns Stake After a Breakout Year, According to SEC FilingThe Motley FoolLLYGlucagon-like Peptide 1 (GLP-1) Market Report 2026-2035: Market to Reach $33.26 Billion by 2030 - Oral Formulations and Long-Acting Peptides Accelerate Next-Gen Obesity and Diabetes TherapiesGlobeNewswire Inc.LLYEli Lilly's Landmark Trial Shows Major Psoriasis-Obesity Breakthrough With Taltz-Zepbound ComboBenzinga

Spread snapshot

Market ETF is averaging 0.67% while Healthcare is averaging -0.8%.

When this gap widens, portfolios usually reward relative-value positioning over broad beta.

Name-level confirmation

Leaders in Market ETF are carrying most of the upside, while names in Healthcare are contributing to downside breadth.

The key test is whether leadership expands beyond the first two names.

  • SPY: 0.61%
  • QQQ: 0.73%
  • LLY: -1.22%
  • UNH: -0.37%

What to monitor

If lagging sectors stabilize on volume, this rotation can cool quickly.

If leaders keep expanding breadth, the rotation can persist into the next session.

News catalysts in focus

Recent headline flow supports this setup: ORBIMED Advisors Trims $125 Million Terns Stake After a Breakout Year, According to SEC Filing. The update is tied to LLY and aligns with the current midday positioning.

A second catalyst from LLY (GlobeNewswire Inc.) helps frame whether this move has broad confirmation or remains a single-name event.

  • LLY: ORBIMED Advisors Trims $125 Million Terns Stake After a Breakout Year, According to SEC Filing (The Motley Fool, 2026-02-20)
  • LLY: Glucagon-like Peptide 1 (GLP-1) Market Report 2026-2035: Market to Reach $33.26 Billion by 2030 - Oral Formulations and Long-Acting Peptides Accelerate Next-Gen Obesity and Diabetes Therapies (GlobeNewswire Inc., 2026-02-20)
  • LLY: Eli Lilly's Landmark Trial Shows Major Psoriasis-Obesity Breakthrough With Taltz-Zepbound Combo (Benzinga, 2026-02-18)

Seven-day trend

Market breadth
Feb 12
Feb 13
Feb 17
Feb 18
Feb 19
Feb 20
GainersDeclinersHigh volume
Recent sessions table
DateGainersDeclinersHigh volumeAvg move
Feb 17, 2026121910-0.25%
Feb 18, 202616910+0.10%
Feb 19, 202671510-0.32%
Feb 20, 2026141610-0.14%

Top gainers

Momentum
GOOGL
+3.38%
GE
+2.53%
AMZN
+2.26%
NFLX
+1.81%

Top decliners

Risk pockets
ORCL-6.11%
XOM-2.33%
JNJ-1.79%
WMT-1.73%

Sector rotation

Relative strength
PHARMACEUTICAL PREPARATIONS-1.79%
Energy-1.39%
ELECTRONIC COMPUTERS+1.16%
SEMICONDUCTORS & RELATED DEVICES+1.11%

Markets in focus

Country concentration
US+0.03%
Companies in focus

Tickers linked to this briefing

Direct links to company profiles with market chart, filings, and news signals.

SPY | US

SPDR S&P 500 ETF TRUST

$689.59 | +0.61% | vol 96.3M

QQQ | US

INVESCO QQQ TRUST, SERIES 1

$608.75 | +0.73% | vol 73.1M

LLY | US

ELI LILLY & Co

$1,011.50 | -1.22% | vol 2.4M

UNH | US

UNITEDHEALTH GROUP INC

$288.75 | -0.37% | vol 6.1M

Methodology

Transparency
  • Coverage universe: 35 liquid public tickers tracked for 2026-02-20.
  • Publication mode: midday. Reports are generated only when the corresponding market window is valid.
  • Ranking combines absolute move, relative volume, market breadth, and sector dispersion.
  • Each draft is checked against trigger logic and edited for readability before publication.
  • Method notes are intentionally high-level and avoid implementation-specific source details.

Sources

External references
SEC EDGAR company filings searchU.S. SECNYSE market statusNYSENASDAQ earnings calendarNASDAQORBIMED Advisors Trims $125 Million Terns Stake After a Breakout Year, According to SEC FilingThe Motley FoolGlucagon-like Peptide 1 (GLP-1) Market Report 2026-2035: Market to Reach $33.26 Billion by 2030 - Oral Formulations and Long-Acting Peptides Accelerate Next-Gen Obesity and Diabetes TherapiesGlobeNewswire Inc.Eli Lilly's Landmark Trial Shows Major Psoriasis-Obesity Breakthrough With Taltz-Zepbound ComboBenzinga

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