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.
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.