Pfizer and CVS Health provide upbeat earnings results and guidance
The S&P 500 is down 1.1%, retracing some of its 5.2% gain from April. Growth stocks, as previously mentioned, are today's laggards, but the decline in relatively broad as nine of the 11 S&P 500 sectors trade lower. The health care sector (-0.4%) is down despite Pfizer (PFE 39.99, +0.15, +0.4%) and CVS Health (CVS 79.58, +1.89, +2.4%) beating top and bottom-line estimates and issuing upside FY21 EPS guidance. No surprises here in that earnings reactions have been reserved for reporting companies, which has been one of the earnings themes this season. On a related note, The New York Times reported that the FDA is preparing to authorize Pfizer's Covid vaccine for emergency use for children aged 12-15.