Health-care companies fell as drugmakers were forced to halt trials on Covid-19 treatments.
Johnson & Johnson shares fell after the health-care conglomerate said it hopes to know within days whether it can resume testing its Covid-19 vaccine, adding that an independent committee would investigate the unexplained illness of a study volunteer that forced it to pause the late-stage trial of the vaccine. "U.S. hopes for a quick vaccine are now down to Pfizer and Moderna," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.
"Health experts are still confident vaccines are coming, but setbacks with coronavirus vaccine trials from AstraZeneca and now J&J will push back expectations on when economic activity will come close to returning to pre-pandemic behavior."
The broad market sold off Tuesday afternoon after Eli Lilly compounded worries about the progress of Covid treatments after it paused a trial for its antibody treatment. Shares of Lilly finished lower.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-13-20 1705ET
