01:48 PM EST, 12/16/2024 (MT Newswires) -- Health care stocks were lower Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.5%.

The iShares Biotechnology ETF (IBB) rose 0.9%.

In corporate news, President-elect Donald Trump told reporters Monday his administration is going to "knock out" pharmacy benefit managers in an effort to bring down drug prices, Bloomberg reported. Shares of UnitedHealth ( UNH ) , CVS Health ( CVS ) and Cigna ( CI ) , which own the three largest pharmacy benefit managers, were falling 3.4%, 3.9% and 1.8% respectively.