Health-care stocks continued to fall on Wednesday morning, led by Anthem Inc. ANTM, -4.47% Cigna Corp. CI, -3.55% and UnitedHealth Group Inc. UNH, -2.54% The Health Care Select Sector SPDR Fund XLV, -2.10% was down 1.5% in early intraday trade. Companies in the managed care and health services sectors are facing “temporary downside risk,” thanks to the Medicare-for-all debate, analysts at J.P. Morgan wrote in a note to clients Tuesday. UnitedHealth reported earnings on Tuesday that beat expectations, but shares still fell, a possible indication of investors’ anxiety over U.S. Sen. Bernie Sanders’ latest Medicare-for-all proposal. The Health Care Select Sector SPDR Fund has been lagging the market in recent months, gaining 1.2% in the year to date. The S&P 500 SPX, -0.12% has gained 16% and the Dow Jones Industrial Average DJIA, -0.05% has gained 13.4%.

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