NBI drops 6% and into the red for 2018

The NASDAQ Biotechnology Index experienced its worst day in more than seven years on Wednesday as biotech losses outpaced the broader market. Stocks across the board were dragged down by technology stocks and multiple other factors, including rising interest rates and trade tensions between the U.S. and China.

On Wednesday, the NBI fell more than 6%, representing its greatest percentage fall since August 2011 and driving the index into the red for 2018. The SPDR S&P Biotech ETF (XBI) also erased year-to-date gains, falling 7% on Wednesday...