In case you missed it, Nasdaq Biotech plunged 11.2% in its worst week since May 2020 due to the RFK nomination. https://t.co/DQLEM2GbNl
$XBI biotech worst week since March 2020 -12% https://t.co/1TlItgXHGB
$XLV healthcare worst week in more than 4 years https://t.co/T1XmGWQakF
The Nasdaq Biotechnology Index (XBI) experienced a significant decline, falling 6.1% from its post-election high. Over the past four days, XBI has seen a sharp sell-off, now trading below levels seen during the Trump administration. The index is down 10% from its 52-week highs and dropped 3% in a single day, nearing bear market territory. This week marks the worst performance for biotech stocks since March 2020, with a 12% decline. The broader healthcare sector (XLV) also had its worst week in over four years. The sell-off is attributed to the RFK nomination, which has caused market uncertainty. XBI had its worst day since June 2022 and is now back in the 70s. The decline is seen as an overreaction by biotechs, marking the worst week since May 2020.
