VEEV - Why DexCom Teladoc Health and Veeva Systems Shares Are Slumping Today
The U.S. Department of Labor announced its latest data on inflation this morning. According to the report, the Consumer Price Index rose by an unsightly 8.3% in August relative to the same period a year ago. U.S. stocks, as a result, are mostly in the red Tuesday morning.
Growth-dependent healthcare stocks are taking this news particularly hard today. As of 10:54 a.m. ET on Tuesday, shares of the continuous glucose monitoring giant DexCom (NASDAQ: DXCM) were down by 5.95%, the telemedicine services company Teladoc Health (NYSE: TDOC) saw its stock decline by 6.75%, and the healthcare-software company Veeva Systems (NYSE: VEEV) was lower by 3.55%.
What's the common thread connecting these disparate healthcare stocks today? Wall Street is deeply concerned that red-hot inflation will curtail consumer spending in 2023, even for vital goods and services such as diabetes care, doctor visits, and clinical studies for important new drugs.
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Why DexCom, Teladoc Health, and Veeva Systems Shares Are Slumping Today