Biotech ETFs Fall As Trump Says More Bidding Needed On Drugs

Exchange-traded funds that track the biotechnology sector fell sharply on Wednesday, after President-elect Donald Trump said that more bidding was needed on drug prices, implying legislation that could erode the sector's profitability. "They're getting away with murder," Trump said of drug companies at a news conference. The iShares Nasdaq Biotechnology ETF fell 2.4% on the day while the SPDR S&P Biotech ETF lost 3.2% and the VanEck Vectors Biotech ETF lost 2.5%. More broadly, the Health Care Select Sector SPDR ETF fell 1.3% on the day.