03:41 PM EDT, 04/08/2025 (MT Newswires) -- Health care stocks were lower late Tuesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.8%.

The iShares Biotechnology ETF (IBB) slumped 4.5%.

In corporate news, the US Centers for Medicare and Medicaid Services said late Monday that it will increase payment rates for Medicare insurers to 5.06% next year, a 2.83 percentage-point increase over the previously proposed boost in January. Shares of UnitedHealth Group ( UNH ) , Humana (HUM), and CVS Health ( CVS ) were up 5%, 9.7%, and 5.3%, respectively.