Health-care companies rose as traders rotated into defensive sectors in light of a spike in oil futures and Treasury yields.

Medtronic raised its growth projections for the year after the maker of medical devices such as pacemakers and defibrillators posted growth in fiscal first-quarter profit and sales.

Novartis shares rose after the Swiss drugmaker reported positive results from two late-stage trials in the most common form of multiple sclerosis, saying its new pill helped patients experience fewer flare-ups.