Markets Right Now: Stocks have biggest drop since August

NEW YORK – The latest on developments in financial markets (All times local):

4 p.m.

The stock market slumped to its worst loss since August, giving back some of the big gains it has posted since the beginning of the year.

Health care companies were by far the biggest losers on Tuesday.

Insurers, drugmakers and distributors slumped following news that Amazon was teaming up with JPMorgan Chase and Berkshire Hathaway on a health care venture.

CVS Health sank 4.1 per cent and UnitedHealth Group dropped 4.3 per cent.

The Standard & Poor’s 500 index fell 31 points, or 1.1 per cent, to 2,822.

The Dow Jones industrial average slid 362 points, or 1.4 per cent, to 26,076. The Nasdaq lost 64 points, or 0.9 per cent, to 7,402.

Bond prices continued to fall. The yield on the 10-year Treasury rose to 2.72 per cent, its highest level in almost four years.

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11:45 a.m.

Stocks fell sharply in midday trading on Wall Street, extending the market’s losses from a day earlier.

Health insurers, drugmakers and distributors led the slide Tuesday following news that JPMorgan Chase, Amazon and Berkshire Hathaway are launching a health care venture.

Express Scripts plunged 7 per cent, CVS Health sank 5 per cent and UnitedHealth Group dropped 3.3 per cent.

Technology stocks also retreated. Energy companies fell as crude oil prices headed lower.

The Standard & Poor’s 500 index fell 24 points, or 0.9 per cent, to 2,828.

The Dow Jones industrial average slid 293 points, or 1.1 per cent, to 26,148. The Nasdaq composite lost 47 points, or 0.6 per cent, to 7,419.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 per cent.

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9:35 a.m.

Health care stocks are leading U.S. indexes broadly lower in early trading following news of a big new venture in the health care business.

Prescription drug makers, drug distributors and health insurers posted big losses early Tuesday on fears of stiff competition from a new venture announced by JPMorgan Chase, Amazon and Berkshire Hathaway.

Express Scripts plunged 9 per cent and UnitedHealth Group sank 4.4 per cent.

The Standard & Poor’s 500 index fell 19 points, or 0.7 per cent, to 2,853.

The Dow Jones industrial average slid 226 points, or 0.7 per cent, to 26,214. The Nasdaq composite lost 58 points, or 0.8 per cent, to 7,407.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 per cent.