Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.5%), Nasdaq Composite (-1.9%), and DJIA (-1.2%) are plotting new session lows as losses widen across the majority of sectors.

As it stands, the consumer staples (+0.1%), energy (-0.1%), health care (-0.4%), and utilities (-0.4%) sectors are the only S&P 500 sectors without a loss wider than 0.5%. 

The health care sector benefits from a relatively strong performance in its biotech names that have the iShares Biotechnology ETF up 0.8%. 

Biogen (BIIB 136.97, +4.75, +3.59%) is one of the best-performing names in the S&P 500, following the announcement that the company and Eisai received FDA approval for LEQEMBI IQLIKTM (lecanemab-irmb), a subcutaneous injection for maintenance dosing for the treatment of early Alzheimer's disease.

Vertex Pharma (VRTX 397.30, +6.28, +1.61%) and Alnylam Pharma (ALNY 448.91, +2.40, +0.54%) are among the other top holdings with positive standings today.

Elsewhere in the sector, managed health care names such as Centene (CNC 29.59, +0.55, +1.90%) and Elevance Health (ELV 324.36, +5.70, +1.79%) help to prevent further losses.