Week ending 11 Sep 2026

Healthcare had a rough week, and it was not one story but four separate ones landing together.

Novartis was the biggest. Two late stage drug trials failed within days of each other, a cholesterol treatment called pelacarsen and then del-desiran for myotonic dystrophy, and both came on top of eight cell therapy trials the company had already paused. The US listed shares fell over 14%. It was the only market on our board to read Max this week.

Amgen was caught by the same news without being in it. Its own cholesterol drug works the same way as the one that failed, so traders marked down its chances too, and it fell more than 9% on Monday alone as the worst performer in the Dow that day. Stryker dropped after its finance chief told a healthcare conference that supply problems in one of its businesses would run into the fourth quarter rather than clearing by the third. Boston Scientific said the cyber attack it disclosed in late August would materially hit its third quarter and full year, and that it would probably miss its own guidance.

Away from healthcare, Howmet Aerospace fell over 11% after SpaceX said it would produce its own gas turbine blades and vanes, the kind of parts Howmet casts. Nothing changed in Howmet's order book this week. What changed was the market's view of who its customers will be.