Johnson & Johnson barely moved, staying stable all day. In today's environment where growth and small-cap stocks are being widely sold off, this lack of movement itself is a form of resilience. The big pharma blue-chip relies on stable cash flow and high dividends as a foundation, and when the market seeks safety, funds are willing to move here. The question is, is this defensive attribute still worth paying a premium for? My own view is that it's worth it in the short term—the strong dollar and geopolitical disturbances haven't eased, and although the VIX isn't high, capital is clearly picking targets with certain cash flows. Johnson & Johnson's kind of stable, neither rising nor falling much, is actually a quite comfortable holding state in a volatile market.