Former Vice President Joe Biden is expected to have a lot to say about health care when he speaks to the Democratic convention Thursday night, something that probably won’t help a sector that has been underperforming the broader market.

“Investors are taking the same cognitive viewpoint they took in 2016. Fear of a Democratic victory would be an outright negative for health care,” said Julian Emanuel, head of equities and derivatives strategy at BTIG.  “The market is extremely fearful of a Democratic victory and its influence on health care, but also in recent weeks, it has become concerned about the president’s rhetoric with regard to prices.”