Sector Update: Health Care Stocks Advance Wednesday Afternoon

Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index adding 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

The iShares Biotechnology ETF (IBB) rose 1%.

In corporate news, CVS Health CVS cut its full-year forecast after a weaker-than-expected Q1, dragged down by utilization pressure in the company's Medicare Advantage business. Its shares tumbled nearly 17%

Pfizer PFE reported better-than-expected Q1 results on Wednesday as sales from products in its oncology and specialty care segments offset declines in COVID-19 products, prompting the company to raise its full-year earnings outlook. Its shares jumped 6%.

Johnson & Johnson JNJ announced a proposed plan by its subsidiary LLT Management for the final resolution of all current and future claims tied to ovarian cancer stemming from cosmetic talc litigation against it and its affiliates in the US. Johnson & Johnson shares gained 4.5%.