Big pharma stocks slide by up to 7% in global sell-off
Big pharma was not immune to the sell-off of shares that has spread to markets globally after hitting Wall Street on Monday.
The cause for the Dow Jones losses is believed to be fears that US interest rates might rise more quickly than expected to tackle inflation resulting from strong wage growth.
Looking at closing US prices on Monday, The Street noted that some pharma and biotech stocks outpaced the big declines in the broader stock market. The Dow ended the day down 1,175.21 points, or 4.6%. The broader S&P 500 finished 4.1%, or 113.19 points, lower.
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