Stocks were under pressure again after Donald Trump made vague promises to lower drug prices. In a tweet on Tuesday Morning Trump said, "I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!" The SPDR S&P Biotech ETF (XBI) - Get Report fell 1.3%. The SPDR S&P Pharmaceutical ETF (XPH) - Get Report declined by 2%. Large-cap stocks including Pfizer (PFE) - Get Report , Novartis (NVS) - Get Report , Merck (MRK) - Get Report and Amgen (AMGN) - Get Report were sharply lower. The Health Care SPDR ETF (XLV) - Get Report slid 0.8%.
This article was written by a staff member of TheStreet.