The biotech sector, as measured by the XBI ETF, experienced a significant pre-market decline of -3.65% amid a broader market downturn. [11] This was largely influenced by a tech and AI-driven sell-off, with the Nasdaq experiencing its worst week since June due to concerns over high valuations and financing costs. [2, 4, 5] Additionally, hotter-than-expected inflation data raised concerns about potential interest rate hikes by the Federal Reserve, further dampening investor sentiment. [1, 16] A significant drop in Moderna (MRNA), a key component of the biotech index, also contributed to the sector's negative performance. [4]