Share this article:
The S&P 500 was 0.2% lower in midday trading to 2,902.37.
The Dow Jones Industrial Average was flat at 26,455.46.
The Nasdaq was also flat at 7,998.32.
The yield on a 10-year Treasury bond was 0.1% lower to 2.59%.
The price of gold was flat, trading at $1,277 an ounce.
The price of oil ticked down 0.1% to $63.98 a barrel.
Local medical-related companies saw share declines today after warning signs this week from big health industry players including Allergan, Johnson & Johnson and United Health related to legal battles and fears that “Medicare for All” might result in unfavorable legislation. The S&P 500 Health Care Sector Index dropped 3% today.
Irvine-based Edwards Lifesciences Corp. (NYSE: EW) fell 4.8% to $181.29 and a $37.7 billion market cap; Masimo Corp. (Nasdaq: MASI), also in Irvine, declined 6.7% to $123.47 and a $6.6 billion market cap; San Clemente-based ICU Medical Inc. (Nasdaq: ICUI) was down 4.3% to $224.49 and a $4.6 billion market cap; Glaukos Corp. (NYSE: GKOS), also in San Clemente, dropped 5.5% to $69.01 and a $2.5 billion market cap.
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach fell 2.5% to $688.93 and a $19.1 billion market cap. Morgan Stanley downgraded the fast casual chain’s shares to “equal-weight.” After flirting with a $20 billion value within the last month, shares are down about 5% following two analyst downgrades—Morgan Stanley, Jefferies—and one maintained rating—Wells Fargo—at “market perform” over the last five trading sessions. Analysts predicted the shares, which have risen more than 50% year-to-date, have peaked.