4:40 PM
Oct 10, 2018
 |  BC Extra  |  Financial News

Biotech slides with broader market

Biotech indexes fell Wednesday, mostly in line with the broader markets, marking significant mid-week losses. The moves come among continued trade tensions with China and follows the Federal Reserve raising interest rates for the third time this year.

The NASDAQ Biotechnology Index (NBI), SPDR S&P Biotech ETF (XBI), BioCentury 100 and NYSE Arca Biotechnology Index (BTK) each fell more than 3% on Wednesday. The BC100, XBI and BTK are down more than 5% on the week while the NBI has shed more than 4%.

On Wednesday, Dow Jones Industrial Average and The Standard & Poor’s 500 index lost 3%; the NASDAQ Composite dropped 4%. Each of the indexes is down at least 3% since Friday, with the NASDAQ Composite off almost 5%.

Large tech stocks, such as Apple Inc. (NASDAQ:AAPL) and Amazon.com Inc. (NASDAQ:AMZN), were particularly hard hit by the sell-off. Apple lost 4.6% on Wednesday and is down 3.5% since Friday, and Amazon lost 6% on Wednesday and has shed more than 7% on the week.

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