US Stocks Fell Sharply as Investors Await Fed’s Decision on Interest Rates.
The S&P 500 dropped 0.4% on Tuesday, with the Nasdaq losing 0.3%. The Dow declined 0.6%, extending its losing streak to nine consecutive negative trading sessions. Health care stocks were under pressure due to comments by President-elect Donald Trump about removing “middlemen” in prescription drug markets.
Humana shares plummeted 10.2% after Piper Sandler analysts raised concerns about the company’s policies for military veterans. CVS Health also fell, losing 5.5%, as investor sentiment against pharmacy benefit management businesses grew.
In contrast, Pfizer shares rose 4.3% following the pharma giant’s stable guidance for fiscal 2025. The company expects sales of its COVID-19 vaccine to remain consistent with 2024 levels.
Other notable performers included Fox Corp., which gained 4.3% after FOX News posted a record number of views on YouTube, and Tesla, which advanced 3.6% despite mixed analyst reviews. Investors are closely watching the Federal Reserve’s interest rate announcement on Wednesday for hints about future policy decisions.
Source: https://www.investopedia.com/s-and-p-500-gains-and-losses-today-health-care-stocks-fall-as-trump-eyes-middlemen-8763010