Health-care companies fell sharply as defensive sectors lost their allure, with safe-haven seeking investors drawn to higher Treasury yields.
Abbott Laboratories fell sharply after the health-care conglomerate boosted operating earnings projections, but said it didn't anticipate a surge in demand for Covid tests this winter.
Abbott has changed leadership at a troubled baby-formula factory. Medical-device maker Fresenius rose after Bloomberg reported that activist investment firm Elliott Management had taken a stake in the company.
The Food and Drug Administration granted emergency authorization to Novavax's Covid-19 shot as a booster for adults.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-19-22 1654ET
