Health care stocks declined Thursday afternoon with the NYSE Health Care Index falling 2.2% and the Health Care Select Sector SPDR Fund (XLV) down 2.2%.
The iShares Biotechnology ETF (IBB) shed 1.3%.
In corporate news, Eli Lilly (LLY) slashed its full-year earnings outlook due to acquisition-related charges, while Q1 results surpassed market expectations. The shares slumped 10%.
Moderna's (MRNA) Q1 loss unexpectedly narrowed as a drop in expenses helped counter the decline in revenue. The stock fell 4.8%.
CVS Health (CVS) raised its full-year earnings outlook after reporting stronger-than-expected Q1 results. The shares jumped 6.3%.
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