Health Care Flat on Rotation out of Defensive Sectors -- Health Care Roundup

Health-care companies were more or less flat as traders rotated out of defensive sectors.

Shares of cannabis producers surged after the U.S. Department of Health and Human Services recommended marijuana be moved to a lower schedule of controlled substances, suggesting more barriers to the mass commercialization of cannabis will be removed.

Shares of the Pure US Cannabis exchange-traded fund, a basket of marijuan companies, jumped by nearly 33% in value and major producers including Canopy Growth, Curaleaf Holdings and Tilray Brands also rose sharply.

Johnson & Johnson adjusted its financial forecast to account for the spinoff consumer-health company Kenvue, reducing earnings forecasts but boosting revenue growth projection and maintaining its dividend.

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(END) Dow Jones Newswires

08-30-23 1706ET