Key Highlights

● Health care finished among the day's rising sectors.

● GE HealthCare and Labcorp climbed on raised guidance.

● Genmab soared on a major cancer trial win.

● Some large names, like Boston Scientific, still fell.

Health care did not lead the market, but it quietly finished among the sectors that rose. Behind the steady sector gain were some outsized moves, as raised forecasts from diagnostics, imaging and services companies and a major cancer-trial win lifted a broad range of stocks.

GE HealthCare, which makes imaging and diagnostic equipment, climbed after raising its full-year guidance, and Labcorp, the laboratory testing company, jumped after raising its own guidance, with revenue and earnings both rising.

A Big Trial Win

Genmab soared after a Phase 3 trial of petosemtamab with pembrolizumab in head and neck cancer met both primary endpoints, one of the biggest moves among larger biotech companies on the day. The AI drug-discovery group also rallied, with Schrodinger, Absci and Recursion Pharmaceuticals jumping, though no company news explained the moves.

Small-cap device makers delivered some of the day's biggest gains too, with Axogen soaring after raising its full-year revenue forecast, and OrthoPediatrics jumping after record revenue and a higher outlook.

Not Every Name Rose

There were notable decliners, including Boston Scientific, which fell after trimming its forecast, with its CEO describing a challenging year, and Biogen, which slipped despite rising revenue, as acquisition charges led to a GAAP loss.

Health care is often viewed as a defensive sector, since demand for medical care tends to hold steady regardless of the economic cycle, which offered steadier footing on a day when rate-sensitive utilities and real estate fell as long-term Treasury yields climbed.