Health Care sector of the S&P closed lower yesterday

On Tuesday morning President Donald Trump continued his campaign to bring down drug prices in the United States by tweeting he was now working on a new system for the market. “There will be competition in the Drug Industry,” 

As reported by Reuters shares of Pfizer (NYSE:PFE) and Merck (NYSE:MRK) shed 1.1 percent, and Amgen (NASDAQ: AMGN) dropped 1.4 percent. While the Nasdaq Biotechnology index (INDEX NASDAQ:NBI) was 1.4 percent lower, while the NYSE Arca Pharmaceutical index (INDEX NYSE GIS:DRG) fell 1.2 percent.

The tweet comes on the heels of the announcement of the Republican bill set to dismantle and replace the Affordable Care Act, commonly referred as Obamacare,the proposal would create a new tax credit tied to a person's age and income for those who cannot get insurance through their employer, and would restructure the country's Medicaid program. The healthcare sector of the S&P 500 closed 0.4% lower yesterday, but over the last three months it's up more than 10%.