During Market hours yesterday — (Tuesday – 13.12.2022)
- The Dow (Symbol: DIA) went up +0.35%. The S&P 500 (Symbol: SPY) gained +0.76%. and the Nasdaq (Symbol: QQQ) rose +1.08%.
- Moderna (Symbol: MRNA) – The drugmaker saw its stock soar +19.6% after the company issued promising data about its cancer treatment. Moderna announced that its experimental melanoma vaccine combined with Merck cancer treatment Keytruda cut the risk of skin cancer recurrence or death by 44%, compared with a treatment of only Keytruda.
- Pfizer (Symbol: PFE) – The Covid vaccine maker gained +1.7% after Goldman Sachs upgraded the stock to buy from neutral, saying progress in other areas make the firm confident the stock will perform even as the need for its pandemic-related offerings decreases.
- Pinterest (Symbol: PIS) – Shares of the social media company climbed +11.9% after Piper Sandler upgraded Pinterest to overweight from neutral. Analyst Thomas Champion highlighted advertisers’ positive view on Pinterest and a potential stock buyback as reasons for the upgrade.
- Amazon (Symbol: AMZN) and Meta (Symbol: META) – Shares of Amazon and Meta rose +2.1% and +4.7% respectively after Goldman Sachs named the stocks their top picks of 2023.
- Block (Symbol: SQ) – Block rallied more than +7% after Piper Sandler upgraded the stock to overweight from neutral, saying it sees “years” of consistent earnings growth and revenue.
During Premarket hours today — (Wednesday – 14.12.2022)
Federal reserve meeting to conclude today at 2:00 P.M. EST. (Expectation for Federal Funds Rate rise between 0.25% and 0.50%).
Why does the Fed raise interest rates?
The federal funds rate, which is what banks charge one another for overnight loans, is one of the key instruments the Fed uses to keep inflation under control. If that rate rises, banks generally pass on their additional cost.
(Source: https://www.reuters.com/graphics/USA-FED/INFLATION/gkvlgnaywpb/chart.png)
- Tesla (Symbol: TSLA) – Goldman Sachs cut its price target for Tesla to $235 per share from $305, citing softer demand. Tesla shares are down about 40% since the end of September, and briefly dipped below $500 billion in market value Tuesday.
- Moderna (Symbol: MRNA) – Moderna rose another +1.6% in premarket trading on top of yesterday’s 19.6% gain. The Tuesday advance followed a successful study of a skin cancer treatment involving an experimental Moderna vaccine in combination with Merck’s (Symbol: MRK) cancer drug Keytruda.
- Best Buy (Symbol: BBY) – The electronics retailer’s stock dropped -3% in premarket action after BofA Securities downgraded it to underperform from neutral, citing a challenging environment for achieving earnings growth.
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