03:41 PM EDT, 04/01/2025 (MT Newswires) -- Health care stocks fell late Tuesday afternoon with the NYSE Health Care Index dropping 2.1% and the Health Care Select Sector SPDR Fund (XLV) declining 1.9%.

The iShares Biotechnology ETF (IBB) shed 2.6%.

In sector news, pharmaceutical companies are pressing President Donald Trump to implement tariffs on medical imports gradually to ease potential disruption and allow time to shift production, Reuters reported. Trump is expected to announce new tariffs Wednesday, including for pharmaceuticals, the report said.

In corporate news, the US Department of Justice said Tuesday it will seek the death penalty if Luigi Mangione, charged in the Dec. 4 fatal shooting of Brian Thompson, a UnitedHealth ( UNH ) executive in the insurance division, is found guilty. UnitedHealth ( UNH ) shares were down 0.4%.