By Francesca Fontana
Johnson & Johnson is trading at the bottom of the Dow Jones Industrial Average Wednesday after the first opioid trial started Tuesday in Oklahoma City, weighing on exchange-traded funds with high exposure to the pharmaceutical stock.
Among the ETFs trading lower are the iShares Evolved U.S. Innovative Healthcare ETF (IEIH), Health Care Select Sector SPDR Fund (XLV), and Vanguard Health Care ETF.
The BlackRock-issued IEIH tracks an index that offers U.S. pharmaceutical and biotechnology exposure, according to ETF.com. Its other top holdings include Merck & Co. Inc. (MRK) and Pfizer IEIH falls 1.6% to $24.17.
XLV, issued by State Street Global Advisors, tracks health care stocks from within the S&P 500 Index, weighted by market cap, according to ETF.com. Its other top holdings include UnitedHealth Group and Abbott Laboratories. XLV loses 1% to $87.37.
VHT, issued by Vanguard, tracks the MSCI U.S. Investable Market Health Care 25/50 Index, which includes health care stocks picked from the top 98% of the total U.S. stock market capitalization, according to ETF.com. Its other top holdings include AbbVie and Pfizer Inc. VHT loses 0.9% to $163.92.
This week, the Oklahoma state attorney general's office is seeking to hold Johnson & Johnson accountable for widespread opioid addiction in a closely watched trial that started on Tuesday. Johnson & Johnson is now the sole defendant in the state's case after two other drug makers, Teva Pharmaceutical Industries and Purdue Pharma LP, settled. Johnson & Johnson shares lose 5.9% to $129.07.
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