Charts of the day: Insurance stocks react to Senate's first step to repeal Obamacare

Seana Smith
·Host

Yahoo Finance is tracking the insurance sector after the Senate voted 51 to 48 to pass its first big hurdle in repealing the Affordable Care Act. Lawmakers approved a budget that would let them start the process without worrying about a Democratic filibuster.

Insurance stocks are moving on the news and investors are having mixed reactions to the news. The iShares US Healthcare ETF (IHF) flip flopped between positive and negative territory during the first two hours of the trading day. IHF’s top holdings are UnitedHealth (UNH), Express Scripts Holding (ESRX), Aetna (AET), Anthem (ANTM) and Cigna Corp (CI).

Aetna (AET) reversed losses at the open and is trading higher. This year, the insurance company limited its financial exposure to the Affordable Care Act by cutting back its Obamacare coverage. Aetna reduced its offerings by 70% and now only provides individual ACA plans in four states.

If the new administration is successful in repealing Obamacare, it could mean big changes for millions of Americans. Obamacare enrollment hit a record in 2017, with more than 6.4 million Americans selecting its policies through the federal exchange for coverage that started January 1.

The future remains uncertain. President-elect Donald Trump has given few details on his plans for a new health care law.

For more on how Trump’s policies could impact the insurance sector, check out The Final Round, live today at 4 p.m. EST, right here on Yahoo Finance.