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DAILY UPDATE: Medicare Drug Price Negotiations as Stock Markets Hold Steady

Posted on August 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major stock market benchmarks ended:

The S&P 500^® index (SPX) rose slightly, up 11 points (0.2%) to end the day at 5,554.25, finishing up 3.9% for the week; the Dow Jones Industrial Average^® ($DJI) jumped 96.7 points (0.24%) to close the week at 40,659.76, up 2.9% from last Friday; the NASDAQ Composite^®($COMP) gained 37.2 points (0.21%) to 17,631.72, up 5.3% for the week.
The 10-year Treasury note yield (TNX) fell three basis points to just above 3.89%.
The Cboe Volatility Index (VIX) dropped to 14.74, the lowest in three weeks.

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What’s up

Bavarian Nordic, which makes an m-pox vaccine, jumped 15.64%, continuing its surge after the World Health Organization on Wednesday declared a public emergency over the disease’s spread in Africa.
Bayer popped 8.36% after the firm won a legal dispute against claims that its weedkiller Roundup causes cancer.
Rocket Lab rose 12.52% after the aerospace company announced it shipped two spacecraft to Cape Carnival in preparation for a launch to Mars.
H&R Block had its best day since 2022 (up 12.24%) after raising its dividend by 17% and announcing a $1.5 billion share buyback.
Maravai LifeSciences leaped 21.46% on reports that the drugmaker received a takeover offer from Repligen Corp.

What’s down

On the flip side of that last gainer, Repligen Corp. plummeted 9.26% on the takeover news.
Astera Labs dropped 5.52% after several investment firms, including Evercore and JPMorgan, lowered their price target for the chipmaker.
ReNew Energy Global dropped 5.91% after the company reported it missed earnings and revenue expectations yesterday.

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The Biden administration announced yesterday that Medicare used its newfound power to negotiate with drug makers to win landmark discounts for 10 widely prescribed drugs to treat ailments like heart disease, cancer, and diabetes. The Inflation Reduction Act, signed into law two years ago, allows the federal health insurance program to directly bargain with pharma companies for the first time.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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Filed under: Estate Planning, Ethics, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: DJIA, DOW, Marcinko, medicare, medicare drug prices, NASA, NASDAQ, S&P 500, SPX, textbooks, TNX, VIX, WSJ | Leave a comment »

DAILY UPDATE: Inflation Upticks as Big Pharma Blocks Medicare Price Negotiations and Stocks Soar with Nvidia and Oracle!

Posted on March 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Big pharma sues over California drug price law

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Pharmaceutical companies have filed a slew of suits around the country to get federal judges to invalidate a government program aimed at lowering drug costs for seniors by allowing Medicare to negotiate prices, as is the norm in many other countries, according to the Washington Post. The companies argue it’s unconstitutional and would inhibit their ability to develop new treatments.

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The Federal Reserve is looking for steady, reliable signs that inflation is simmering down before it cuts interest rates this year. So far, 2024 has not delivered. Data released by the Bureau of Labor Statistics on Tuesday showed prices rose 3.2 percent over last year, slightly outpacing forecasts of 3.1 percent. Prices also rose 0.4 percent in February over the previous month — in line with expectations, but still hotter than economists would like to discern.

Stocks swung up on Tuesday as investors shrugged off a middling inflation report and looked ahead to next week’s Fed meeting. Meanwhile, Oracle went sky-high, posting its best day since 2021 after demand for AI prompted a huge increase in sales for its cloud computing business.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) gained 57.33 points (1.1%) to 5,175.27; the Dow Jones Industrial Average^® ($DJI) added 235.83 points (0.6%) to 39,005.49; the NASDAQ Composite^® (COMP) climbed 246.36 points (1.5%) to 16,265.64.
The 10-year Treasury note yield (TNX) rose about 5 basis points to 4.155%.
The CBOE Volatility Index^® (VIX) fell 1.38 to 13.84.

Chip makers’ bounce-back helped boost the Philadelphia Semiconductor Index (SOX) more than 2%, as it recovered part of a 5% drop the previous two trading days. Industry leader Nvidia (NVDA) jumped over 7%. Consumer discretionary and communications services shares were also among the strongest areas. Regional banks and real estate were among the weakest sectors as the CPI data spurred an upturn in Treasury yields.

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Filed under: "Ask-an-Advisor", Drugs and Pharma, Ethics, Experts Invited, Financial Planning, Health Economics, Health Insurance, Healthcare Finance, Investing, Managed Care | Tagged: Big Pharma, BLS, Bureau Labor Statistics, CBOE, cost living, DJIA, Drugs, inflation, inflation upticks, medicare drug prices, NASDAQ, Nvidia, NYC, oracle, pharma, pharmaceutical companies, pharmaceutical pricing, S&P 500, SOX, SPX, TNX, VIX | Leave a comment »

DAILY UPDATE: Medicare Drug Price Negotiations as the Markets DROP

Posted on October 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

President Joe Biden announced yesterday that the manufacturers of all of the first 10 prescription drugs selected for Medicare’s first price negotiations have agreed to participate, clearing the way for talks that could lower their costs in coming years and give him a potential political win heading into next year’s election.

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Wall Street SANK Tuesday as it focuses on the downside of a surprisingly strong job market. The S&P 500 was 1.5% lower in late trading and nearly back to where it was in May. The Dow Jones Industrial Average was down 475 points, or 1.4%, at 32,957 and wiped out the last of its gains made for the year so far. The NASDAQ composite was leading the market lower with a 2% drop as Big Tech stocks were among the market’s biggest losers.

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The 16-year high on 10-year yields is probably the biggest factor weighing on equities. So, here is where the major benchmarks ended:

The S&P 500 Index was down 58.94 points (1.4%) at 4,229.45; the Dow Jones Industrial Average was down 430.97 points (1.3%) at 33,002.38; the NASDAQ Composite was down 248.31 points (1.9%) at 13,059.47.
The 10-year Treasury note yield was up about 11 basis points at 4.791%.
CBOE’s Volatility Index was up 2.17 at 19.78.

Energy shares were among the few gainers, as WTI crude oil futures rose for the first time in four sessions after dropping sharply from a 13-month high above $95 a barrel. The U.S. dollar index (DXY) strengthened for a third-straight day, touching its highest level since November, reflecting expectations that rates will remain high.

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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Alerts Sign-Up, Drugs and Pharma, Ethics, Investing | Tagged: CBOE, Centers for Medicare & Medicaid Services, CMS, CMSS, crdue oil, DJIA, DOW, Dow Jones Industrial Average, drug negotiations, drug prices, DXY, energy, market frops, medicare, medicare drug prices, NSDAQ, oil, Russell 2000, S&P 500, VIX, WTI | Leave a comment »

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