Health-care companies ticked down after mixed earnings from Big Pharma companies. Investors rotated out of defensive areas into cyclical stocks.
Pfizer shares rose after the New York drug giant posted second-quarter earnings above Wall Street targets, as rising sales of drugs for cancer and heart disease helped offset steep declines for Covid-19 products.
Merck slashed its profit projection for the year, citing one-off charges tied to its acquisition of cancer biotech company Terns Pharmaceuticals. Shares of Merck rose slightly.
Shares of Danish obesity-drug maker Novo Nordisk slid despite raising its revenue projection for the year.
Write to Rob Curran at rob.curran@dowjones.com
