Stock Market Update

[BRIEFING.COM] The major averages are trading at their session lows at midday, with the S&P 500 (-0.4%) facing losses across nine sectors. The health care sector (-2.0%) is the weakest performer by a wide margin, pressured by concerns that elevated Treasury yields could increase research and development funding costs, particularly for biotechnology companies.

The SPDR S&P Biotech ETF (XBI) is down 2.7%, reaching its lowest level since early August and extending its week-to-date decline to 5.4%. Heavyweights Eli Lilly (LLY 1137.17, -51.55, -4.34%) and Johnson & Johnson (JNJ 253.06, -5.39, -2.09%) are also notable laggards following yesterday's strength in the sector. Some medical device manufacturers and insurers are showing relative strength, but their gains have done little to offset the broader weakness.