Health-care companies rose as traders jumped back into some of the growth stocks that led the market until a recent rout.
Eli Lilly shares rose after the head of the drugmaker’s rapidly growing diabetes and obesity franchise divulged plans to retire at the end of the year after 34 years. Rival obesity drug maker Novo Nordisk rose.
Pfizer, a Big Pharma company that has lagged the broader health-care sector this year, declined after holding up better than most companies during the late September selloff.
More than 75,000 nurses, pharmacists and other employees of the Kaiser Permanente health system walked off the job in the largest U.S. healthcare strike on record. The California-based firm, among the first to bring health insurance and provider facilities under one umbrella, is facing similar demands on pay and benefits as those made by the United Auto Workers union in Detroit strikes.
Tilray shares fell after the marijuana producer reported a wider-than-anticipated fiscal first-quarter loss.
Biotechnology concern Moderna said its first combination vaccine, which protects against influenza and Covid-19 vaccine, had succeeded in an early-stage trial, and could be ready to launch as soon as 2025.
Write to Rob Curran at [email protected]
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