Market Insider

Health-care, biotech stocks slammed by Trump remarks

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Meekins: Don't read much into Trump drug pricing comments

Health-care stocks were moving sharply lower Wednesday, though markets may be overreacting to morning remarks from Donald Trump.

Fresh comments from President-elect Trump against high drug pricing sent the iShares Nasdaq Biotechnology ETF (IBB) down nearly 3 percent Wednesday. Health care was about 0.8 percent lower and was the only declining sector, while the benchmark index hit an all-time high.

"I'm going to bring down drug prices," Trump said in his profile as Time magazine's Person of the Year. "I don't like what has happened with drug prices."