Healthcare stocks have fallen after president Donald Trump tweeted about lowering drug prices.
As Republicans unveiled their plans to dismantle Obamacare, Trump tweeted that he has 'working on a new system where there will be competition in the drug industry'.
'Pricing will come way down!' he said.
That hit healthcare stocks, which were set for their worst day since mid-January, when Trump argued drug makers were 'getting away with murder' by charging high prices.
The S&P 500 fell six points to 2,370, with the healthcare sector the worst performer. Fallers included:
- Mallinckrodt (MNK.N) -5.4% at $48.50;
- Perrigo (PRGO.K) -2.5% at $69.88;
- Express Scripts (ESRX.O) -2% at $68.66;
- Eli Lilly (LLY.N) -2% at $82.17;
- Mylan (MYL.O) -2.1% at $43.13.
The Dow Jones was flat at 20,953, with pharmaceutical stocks Merck (MRK.N) and Pfizer (PFE.N) among the fallers, down 1.1% at $65.73 and 1% lower at $33.99 respectively.
Snapchat parent Snap (SNAP.K) meanwhile continued its freefall, down 8.1% at $21.86, below the $24.48 at which it started trading on Thursday's market debut but still above its $17 IPO price.
After opening higher yesterday, the messaging app dramatically reversed course, bereft of analyst support, with Thomson Reuters data showing four 'sell' ratings, two 'neutral' and no 'buys'.
Putnam Capital Spectrum manager David Glancy meanwhile received a boost from Dish Network (DISH.O), up 5% at $64.25 on news the satellite service provider is set to join the S&P 500. Glancy holds a huge 25% of his fund in the stock.