02:18 PM EDT, 08/07/2024 (MT Newswires) -- Health care stocks were lower Wednesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) down 0.9%.

The iShares Biotechnology ETF (IBB) fell 1.3%.

In corporate news, CVS Health ( CVS ) on Wednesday cut its full-year earnings outlook and reported an annual decline in Q2 profit amid continued headwinds in the company's health care benefits segment. Its shares fell 2%.

Amgen ( AMGN ) tightened its full-year earnings outlook as the company reported lower-than-expected Q2 profit amid higher operating expenses. Its shares dropped 6.4%.

Novo Nordisk ( NVO ) shares tumbled 7.6% after the company reported Q2 earnings and sales below the Capital IQ consensus.