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The healthcare sector is weighing on the ASX 200 on Tuesday

It’s a bad day to be an ASX 200 healthcare share. Here’s why.
The post The healthcare sector is weighing on the ASX 200 on Tuesday appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is in the red today as the S&P/ASX 200 Health Care Index (ASX: XHJ) weighs on the market.

At the time of writing, the ASX 200 index is down a notable 0.96% from its previous closing price.

Meanwhile, the healthcare sector has fallen 3% today as some of its biggest members struggle.

The Pro Medicus Limited (ASX: PME) share price is leading the sector’s losses, falling 5%. Stock in CSL Limited (ASX: CSL) is down 3%. As is that of Sonic Healthcare Limited (ASX: SHL) and Resmed CDI (ASX: RMD).

So, why is the ASX 200 healthcare sector struggling through Tuesday’s session? Let’s take a look.

Healthcare sector weighs on ASX 200

The healthcare sector is dragging the ASX 200 lower today, likely spurred by movements in US markets.

Overnight, the US’s S&P 500 index fell 0.28% and its own healthcare sector was branded as one of its worst performers.

As most Australians slept last night, the S&P 500 Health Care Sector fell a whopping 1.43% on Monday (Tuesday AEST).

The Moderna Inc (NASDAQ: MRNA) share price was one of its biggest fallers. It fell 4.95% to US$408.84.

As my Foolish US colleague reported, Moderna’s dip might have been spurred by its CEO’s comments. The company’s boss recently told media that the COVID-19 pandemic could be over within a year.

Of course, Moderna is the maker of one of the most widely used COVID-19 vaccines and an end to the pandemic will likely mean less demand for inoculation.

Finally, the healthcare sector isn’t the only area impacted by the US market today.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) and S&P/ASX All Technology Index (ASX: XTX) are both down around 2% today after the S&P 500 tech index and the Nasdaq Composite fell 1% and 0.5% respectively overnight.

The post The healthcare sector is weighing on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. and Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Moderna Inc. and ResMed. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended ResMed Inc. and Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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