Health stocks plunge after Amazon, JPMorgan, Berkshire team-up to cut costs

Rising bond yield continued to weigh on US stocks on Tuesday, pushing the Dow Jones Industrial Average down more than 250 points, with pressure also being piled on by a drop in health companies.

Shares of healthcare-related companies fell afterAmazon.com, Berkshire Hathaway and JPMorgan said they plan to form a venture aimed at lowering healthcare costs for their US employees.

The S&P health sector tumbled 1.9 per cent, the most among the 11 major sectors and set for its biggest one-day drop since October 2016, with all categories of companies dropping.

Health insurer UnitedHealth fell 4.3 per cent, the most among