Health-care companies fell slightly as traders rotated into sectors with more to gain from a moderation in inflation.
Oramed Pharmaceuticals shares lost more than three-quarters of their value after the drug developer said it was pulling the plug on development of an insulin pill after it missed end points in a clinical trial.
High-risk biotech stocks participated in the day's stock rally, while more defensive health insurers, which can benefit from rising health-care costs, lagged.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-23 1733ET