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5/27, 4:09 PM (Source: TeleTrader)
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Nasdaq drops over 1% as pharma stocks fall

The Nasdaq 100 dropped over 1% just 30 minutes after trading started in New York City as pharmaceuticals dropped. Diabetes management DexCom led the losses, falling 7.87% at 10:08 am ET, after United States President Donald Trump announced lower insulin prices a day earlier. Seattle Genetics, Regeneron Pharmaceuticals and Vertex Pharmaceuticals were also among the worst index performers.

Meanwhile, Zoom Video Communications dropped 5.5% at 10:07 am ET as workers around the world started returning to their offices after months of remote work.

The Nasdaq 100 was 0.92% in the red at 10:08 am ET.

Breaking the News / VP