What Happened?

A number of stocks fell in the morning session after the Trump administration's announcement of new global tariffs reignited trade policy uncertainty. The move came swiftly after the Supreme Court ruled the previous week that the president could not use the International Emergency Economic Powers Act (IEEPA) for such duties, a decision that had initially sent markets higher. However, the administration invoked a different authority, the Trade Act of 1974, to impose a 15% global tariff for up to 150 days. The rapid reimposition of trade barriers creates significant uncertainty for companies across multiple sectors that depend on international supply chains and global trade. Investors are now weighing the potential impact of these new duties on corporate earnings and broader economic activity.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Patient Monitoring company iRhythm (NASDAQ: IRTC) fell 7.1%. Is now the time to buy iRhythm? Access our full analysis report here, it’s free.
• Outpatient & Specialty Care company agilon health (NYSE: AGL) fell 6.1%. Is now the time to buy agilon health? Access our full analysis report here, it’s free.
• Healthcare Technology for Patients company GoodRx (NASDAQ: GDRX) fell 5.2%. Is now the time to buy GoodRx? Access our full analysis report here, it’s free.
• Drug Development Inputs & Services company Fortrea (NASDAQ: FTRE) fell 4.9%. Is now the time to buy Fortrea? Access our full analysis report here, it’s free.
• Therapeutics company Myriad Genetics (NASDAQ: MYGN) fell 3.9%. Is now the time to buy Myriad Genetics? Access our full analysis report here, it’s free.

Zooming In On iRhythm (IRTC)

iRhythm’s shares are quite volatile and have had 17 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 7 months ago when the stock gained 18% on the news that the company reported strong second-quarter earnings that surpassed analyst expectations and raised its full-year revenue forecast. The medical technology firm disclosed that its revenue jumped 26.1% year-over-year to $186.7 million. The company posted a smaller-than-expected adjusted loss of $0.32 per share, which was a significant improvement over analyst forecasts of a $0.51 loss. Bolstering investor confidence, iRhythm lifted its full-year 2025 revenue guidance to a range between $720 million and $730 million, substantially higher than the prior consensus estimate. The company also announced an improved gross margin and a new strategic partnership to use artificial intelligence for earlier detection of undiagnosed arrhythmias.

iRhythm is down 20.3% since the beginning of the year, and at $139.61 per share, it is trading 26.2% below its 52-week high of $189.25 from January 2026. Investors who bought $1,000 worth of iRhythm’s shares 5 years ago would now be looking at an investment worth $898.04.

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