Against the backdrop of ongoing tariff disturbances, recent capital flows have shown clear signs of sector rotation—shifting from growth stocks towards defensive consumption, healthcare, and high-dividend sectors.

Johnson & Johnson rose more than 2%, Procter & Gamble gained 2%, and high-dividend ETFs also edged higher. The common characteristics of these three are stable cash flow, supported dividend yields, and low correlation between profitability and the macroeconomic cycle. In an environment of high uncertainty, capital often temporarily increases allocations to such assets as safe havens, which does not mean they have developed new business catalysts themselves.

However, if tariff negotiations make substantial progress and overall market risk appetite recovers, such defensive allocations will face relative underperformance pressure from capital flowing back to growth stocks, requiring dynamic assessment of the holding period.