After failing to agree with Humana on price, Cigna put an early end to what would have been one of the biggest deals of the decade that would have created a roughly $140 billion giant in the health insurance industry.

Two of the biggest health insurers are in talks about a potential powerhouse merger, comparable to the last major wave of industry consolidation five years ago when CVS closed its near-$70 billion deal for Aetna.

In its third largest deal in the last decade, the pharmacy chain digs deeper into health care services, after buying Oak Street, which runs clinics that specialize in treating Medicare Advantage patients.

A deal could be reached within weeks that would value Oak Street at more than $10 billion, including debt.

The merger, which is expected to close in the first quarter of next year, will create one of the biggest independent doctor groups in the US providing primary care, specialty care and urgent care.

After losing out on One Medical to Amazon, CVS has finally gained a major foothold in home health care services.

JPMorgan's Dimon said "you could see a fairly rapid recovery" but cautioned that the Fed "can't prop up the stock market forever."

The efforts appear to be early steps in the venture's goal of overhauling health-care benefits to make them more transparent.