Health-care companies were more or less flat as traders rotated into sectors with more to gain from a prolonged hold on the Fed funds rate.

The health-care sector has outperformed the broad market in recent weeks, being somewhat insulated from jitters about inflation and interest rates.

The SPDR Select Sector Health Care exchange-traded fund, which tracks the health-care industry group of the S&P 500, is up about 18% since June 1 while the S&P 500 is little changed.

Shares of Ultragenyx plunged by roughly 45% after the biotech firm's gene therapy for a rare neuro-degenerative disease.