Pharma, bank stocks pull Wall Street lower

Yesterday, US Stock prices closed lower as weakness in drug and financial Shares sent the S&P 500 and Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month.

Pharmaceutical Stocks came under pressure after US President Donald Trump tweeted he was working on a “new system” to reduce drug prices in the industry, without providing details. Trump also backed a draft bill unveiled by Republicans to cancel and replace the Obamacare healthcare law, but said the bill was open to negotiation.

The S&P 500 healthcare index fell 0.7% while the NYSE Arca pharmaceutical index declined 0.9%.

Investors were also preparing for the likelihood of an interest rate hike when the US Federal Reserve meets next week. A number of key officials, including Chair Janet Yellen, have made comments indicating a hike is likely at its March 14-15 meeting.

Friday’s employment report could cement those expectations.

The Dow Jones Industrial Average fell 29.58 points, or 0.14%, to 20,924.76, the S&P 500 lost 6.92 points, or 0.29%, to 2,368.39 and the Nasdaq Composite dropped 15.25 points, or 0.26%, to 5,833.93.

Meanwhile, newly Shares of Snapchat plunged 9.8% to $21.44 after analysts gave the company a lukewarm reception following its red-hot market debut, attracting short-sellers.