* Trump says to bring down drug pricing
* Healthcare sector set for worst day in five weeks
* Rate hike odds for March stand at 83 pct
* Indexes down: Dow 0.13 pct, S&P 0.23 pct, Nasdaq 0.17 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
March 7 The S&P 500 and the Dow Jones Industrial
Average were on track for their first back-to-back losses in
more than a month, led by declines in drug and bank stocks.
Pharmaceutical stocks came under fire after President Donald
Trump tweeted that he was working on a new system to increase
competition in the drugs industry and bring down prices.
Trump also backed a draft bill unveiled by Republicans on
Monday to repeal and replace the Obamacare healthcare law but
said the bill was open to negotiation.
The S&P 500 healthcare index dropped 0.55 percent,
setting it up for its worst day in more than five weeks. The
sector also weighed the most on the broader index.
Financials, which have gained the most in a
post-election rally, slipped 0.3 percent, led by losses in Wells
Fargo and JPMorgan.
Eight of the 11 major S&P indexes were lower as investors
braced for an interest rate hike next week.
The Federal Reserve has been preparing the market for
tighter monetary policy, with an unusual number of key officials
including Fed Chair Janet Yellen hinting at a rate hike in the
central bank's March 14-15 meeting.
The chances for a rate hike this month are at 83 percent, up
from roughly 30 percent at the start of last week, according to
Thomson Reuters data.
At 12:34 p.m. ET (1734 GMT), the Dow Jones was down
27.79 points, or 0.13 percent, at 20,926.55, the S&P 500
was down 5.68 points, or 0.23 percent, at 2,369.63.
The Nasdaq Composite was down 9.86 points, or 0.17
percent, at 5,839.32.
Newly minted shares of Snapchat owner Snap Inc fell
10.6 percent to $21.25 after a group representing large
institutional investors asked stock index providers to bar the
company and others who sell non-voting shares from their stock
Nimble Storage soared 45.2 percent after Hewlett
Packard Co said it would buy the data storage provider
for $1.09 billion in cash. HPE's stock was marginally lower.
Dish Network was up 5 percent at $64.30 after the
satellite TV company was picked to join the S&P 500.
Declining issues outnumbered advancers on the NYSE by 1,867
to 934. On the Nasdaq, 1,621 issues fell and 1,124 advanced.
The S&P 500 index showed 14 new 52-week highs and 11 new
lows, while the Nasdaq recorded 47 new highs and 44 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by