Health Care Drop After Swing to Cyclical Sectors Late in Session -- Health Care Roundup

Health-care companies fell, as traders rotated back into cyclical sectors from defensive areas late in a volatile session.

Shares of Merck fell after the Food and Drug Administration rejected its commercialization application for its gefapixant pill for the treatment of chronic cough in adults.

The SPDR Select Sector Health Care exchange-traded fund, which tracks the health-care sector of the Standard & Poor's 500, had held up better than the broad market during the recent selloff until Monday's rout. The ETF lost about 3% of its value Monday at its lows, before recouping most of those bringing losses, and bringing its year-to-date deficit to 7.5%.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

01-24-22 1630ET