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Sector Update: Healthcare Stocks Decline Late Afternoon

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Healthcare stocks fell late Thursday afternoon with the NYSE Healthcare Index dropping 1% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.9%.

The iShares Biotechnology ETF (IBB) shed 0.3%.

In corporate news, Pfizer (PFE) shares dropped 2.5% after the company reaffirmed its fiscal 2026 guidance. The company also said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector.

Biogen (BIIB) agreed to acquire private biotechnology company RayThera in a deal worth up to $1 billion. Biogen shares fell 1.4%.

EnGene (ENGN) shares shed 1.4% after Morgan Stanley downgraded the stock to underweight from equalweight.

NovoCure (NVCR) shares tumbled 19% after the company said a phase 3 trial evaluating its tumor treating fields therapy in patients with newly diagnosed glioblastoma failed to meet its primary endpoint.

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Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index declining 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.8%.The Philadelphia Housing Index fell 1.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) dropped 2.3%.Bitcoin (BTC-USD) dropped 0.9% to $65,060, and the yield for 10-year US Treasuries rose 3.5 basis points to 4.463%.In economic news, the Federal Reserve kept its benchmark lending rate steady, leaving the easing bias out of its policy statement. The Federal Open Market Committee maintained its federal funds rate target at 3.5% to 3.75%, in line with Wall Street's expectations and marking the fourth straight pause.Separately, US retail sales rose more than expected in May as consumers kept spending despite higher prices. Sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.In corporate news, Ellington Financial (EFC) shares fell 2.2% after BTIG downgraded the stock to neutral from buy.CME (CME) said Terry Duffy will step down as CEO and become executive chairman of the board, effective March 1. He will be succeeded by Lynne Fitzpatrick, 48, the current chief financial officer and president, the company said Wednesday in a regulatory filing. CME shares were down 4%.JPMorgan Chase's (JPM) asset management division is advising investors to hold on to stocks and other higher-risk assets in H2, saying that AI investments should keep the markets rising despite higher inflation and a Federal Reserve that continues to maintain rates, Bloomberg reported. JPMorgan shares were up 0.4%.KKR-backed (KKR) BMC Software agreed to sell a majority stake in BMC Helix to Montagu in a carve-out deal, Montagu said. KKR shares were down 2.1%.

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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

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Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

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