01:39 PM EDT, 05/28/2024 (MT Newswires) -- Health care stocks were retreating Tuesday afternoon, with the NYSE Health Care Index falling 1.1% and the Health Care Select Sector SPDR Fund (XLV) down 1.4%.

The iShares Biotechnology ETF (IBB) dropped 1.6%.

In corporate news, Johnson & Johnson ( JNJ ) agreed to buy Numab Therapeutics' subsidiary Yellow Jersey Therapeutics and global rights to its investigational skin disease treatment in an all-cash deal valued at $1.25 billion. Johnson & Johnson ( JNJ ) shares fell 1.6%.