Stocks sank on Friday as investors digested disappointing earnings and rising rates, sending the Dow Jones Industrial Average to its worst day since 2020.
That led other names in the health-care sector lower. Intuitive Surgical and Universal Health Services each lost 14.3%. DaVita fell almost 9.2% and DexCom fell 6.7%.in the first quarter.
Friday's action followed a dramatic reversal Thursday after a speech by Federal Reserve Chairman Jerome Powell dented market sentiment. Powell said during an International Monetary Fund panel that taming inflation is"Central bank hawkishness and bond yields back up are again moving markets," Ross Mayfield, investment strategy analyst at Baird, told CNBC."Nothing especially new but a fresh reminder of the monumental shift underway on the policy front.
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