Wall Street continued to batter health care stocks last week, especially the health insurance names, which erased tens of billions of dollars in market value.

What we're hearing: People are citing fears of "Medicare for All" as the driving force behind the sell-off, although it’s not as simple as that. Regardless, many stock analysts are imploring investors to ignore the Democrats' health care plan.

  • "Health care lawmaking is difficult, and change occurs infrequently," wrote Spencer Perlman, director of health care research at Veda Partners. "This is not a bug in the American political system, it is its design. Enacting a wholesale change of the American health care system is highly unlikely, and we urge investors to follow the M4A debate with a wary eye." 
  • "It's a once in a decade opportunity to get high-quality names at these depressed multiples," analysts at SVB Leerink said of health insurers, adding that if a Democratic supermajority could not pull off M4A in 2009, then the chances of it happening this time are "overblown." 
  • Gary Taylor of J.P. Morgan wrote to investors that insurance stocks likely will fall even further as part of a broader market correction, but they could improve a lot if "[Joe] Biden wins the Democratic nomination without changing his current view against single-payer."

The big picture: The stock prices of 5 of the largest health insurers (Anthem, Centene, Cigna, Humana and UnitedHealth) still have all vastly outperformed the broader stock market since the Affordable Care Act was enacted in 2010.

Late breaking: UnitedHealth filed its annual proxy statement late Friday.

  • CEO Dave Wichmann, who railed against M4A during the company's earnings call last week, made $21.5 million in 2018 compared with $83.2 million in 2017.
  • Stephen Hemsley, the former CEO who sits as UnitedHealth's executive chairman, made $66 million in 2018 compared with $27.2 million in 2017.

Go deeper: Political uncertainty could bring volatility to health care stocks

Go deeper

Hurricane Zeta makes landfall in Mexico ahead of expected arrival in U.S.

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Hurricane Zeta made landfall on Mexico's Yucatan Peninsula as a Category 1 storm late Monday packing maximum sustained winds of 80 mph, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane earlier Monday.

Updated 49 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.
Updated 1 hour ago - World

In photos: Unrest in Italy as coronavirus restrictions grow across Europe

An anti-government demonstration against the economic consequences of the new measures in Turin, Italy, where luxury stores were "ransacked," on Oct. 26, the Guardian reports. Photo: Diego Puletto/Getty Images

Protests in Italy against fresh COVID-19 pandemic restrictions that came into effect Monday descended into violence in Milan and and Turin, where police used tear gas to disperse demonstrators, per the Guardian.

The big picture: The protests in Italian cities still reeling from the first lockdown mark some of the biggest resistance against measures seen yet as restrictions return across Europe, which is facing a second coronavirus wave. From Denmark to Romania, this is what's been happening, in photos.