01:13 PM EDT, 07/31/2025 (MT Newswires) -- Health care stocks declined Thursday afternoon, with the NYSE Health Care Index down 0.6% and the Health Care Select Sector SPDR Fund (XLV) decreasing 0.7%.

The iShares Biotechnology ETF (IBB) climbed 1.2%.

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 5%.