Merck & Co Inc advanced 1.8% after a panel of advisers from the United States Food and Drug Administration (FDA) voted by a narrow margin in favor of recommending authorization of the laboratory’s antiviral pill to treat COVID-19.
The top 11 S&P sectors were advancing in early trading, led by energy, materials and finance. Banks added 2.3%, recovering the losses of the day before.
US stocks had slumped on Tuesday after Federal Reserve Chairman Jerome Powell said that already does not consider inflation as “transitory” and that the entity will evaluate reducing its bond purchase program at its next meeting.
“Most investors realized that the Fed was going to have to change course a bit … there are many people who feel that inflation is a bigger problem, and maybe a bigger risk to the market would be let the Fed take no action that recognizes it, “said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, NJ.
Investors are also waiting for the Fed’s “Beige Book” – to be published at 1900 GMT – to learn more about the central bank’s stance on inflation.
The session highlighted the boost given to the Nasdaq by the shares of technology companies such as Amazon.com, Apple Inc, Tesla Inc, Alphabet Inc, Meta Platforms and Microsoft Corp, which gained between 0.6% and 2%.
Source From: Ambito
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