- US stocks opened higher
- US CPI highest since 1982
- Biogen (BIIB.US) shares fell over 9% after Medicare limited Aduhelm coverage
US indices launched today's session higher after the CPI report showed US annual inflation came in line with analysts' projections of 7%. Nevertheless today's CPI reading showed that this is the biggest inflation jump since 1982 and the FED will need to act soon. Following the release Treasury yields moved lower to 1.72% which provides some support for tech stocks.
US30 managed to break above resistance at 36000 pts during yesterday's session following FED Chair comments. Index launched today's session higher and if current sentiment prevails upward move may accelerate towards all-time high at 36830 pts. However if sellers will manage to regain control then another downward impulse may be launched towards the aforementioned 36000 pts level. Source: xStation5
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Biogen (BIIB.US) stock plunged 9.0% after the U.S. government Medicare program agreed to only partially cover the Alzheimer’s drug Aduhelm, limiting access to the treatment. Also Piper Sandler downgraded Biotechnology company stock to “neutral” from “overweight”.
Biogen (BIIB.US) stock failed to break above the downward trendline and 50 SMA (green line) on Tuesday and downbeat moods prevail today. Stock launched today's session with a bearish price gap and is currently testing major support at $223.00. Source: xStation5
Ocugen (OCGN.US) stock rose more than 5% in premarket after recent data showed that the biopharmaceutical company’s booster dose of its Covaxin vaccine showed positive effectiveness against the omicron and delta variants.
Didi Global (DIDI.US) stock rose over 5.0% before the opening bell after news that the ride-hailing company’s Hong Kong IPO, announced in December, could happen in the second quarter of this year as it continues the process of delisting from the New York Stock Exchange.
DoorDash (DASH.US) stock rose more than 2.5% in the premarket after Evercore upgraded it to “outperform” from “in line” as the delivery service has strong fundamentals and the stock is at an attractive valuation. Separately, Meta Platforms (FB.US) appointed DoorDash CEO Tony Xu to its board to help advise on its expansion into e-commerce.
