01:50 PM EDT, 07/31/2025 (MT Newswires) -- Health care stocks were retreating Thursday afternoon, with the NYSE Health Care Index down 0.9% and the Health Care Select Sector SPDR Fund (XLV) decreasing 1.4%.

The iShares Biotechnology ETF (IBB) climbed 0.5%.

In corporate news, Moderna ( MRNA ) plans to cut about 10% of its global workforce by the end of this year, driven by an ongoing slump in sales for its Covid vaccine, CNBC reported, citing a company memo to employees. Moderna ( MRNA ) shares fell past 6%.

Baxter International ( BAX ) shares fell more than 19% after it reported Q2 results that missed Wall Street estimates and lowered its 2025 guidance.

CVS Health ( CVS ) lifted its full-year outlook on Thursday as it reported Q2 results above Wall Street's estimates amid double-digit revenue gains across all segments. Its shares rose 1%.