Health-care companies fell after a proposed change in Medicare rates lagged investors' assumptions.
Shares of UnitedHealth Group, the nation's largest health insurer by enrollees, fell by roughly 5% after proposed rates for Medicare Advantage trailed Wall Street expectations.
Other major insurers such as Elevance Health and Cigna fell by similar increments.
Eli Lilly shares tumbled after the drugmaker posted a drop in fourth-quarter sales, hurt by lower demand for Covid 19 treatments and a stronger dollar.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-02-23 1702ET
