Shares of ShockWave Medical (NASDAQ: SWAV), Novocure (NASDAQ: NVCR), and Guardant Health (NASDAQ: GH) all plunged on Monday. These healthcare stocks ended the trading session down 15%, 12%, and 17%, respectively.
The Federal Open Market Committee, which is the policy-making part of the Federal Reserve, announced a surprise monetary stimulus program over the weekend. The benchmark interest rate was reduced by 100 basis points to between 0% and 0.25%.
The Fed also decided to boost its Treasury securities holdings by $500 billion and its agency mortgage-backed securities by $200 billion.