After opening with strong buying pressure and at relative volume at twice the average, the Nasdaq gave up gains. S&P 500, Dow Jones, and Russell 2000 are steady.
The Federal Reserve’s announcement on interest rates at 2 p.m. yesterday included a dovish tone. Having already priced in rate cuts throughout 2024, markets still rallied.
Pfizer (PFE) is among the most actively traded drug stocks. After breaking down from $29 to $26.59 yesterday, it is -0.24%. Investors are booking tax-loss sales before 2023 ends.
Penny stock Farfetch (FTCH) rallied yesterday only to fall 8.14%. It previously failed to find a buyer. Rumors are circulating that it will get financing. In addition, shareholders are waiting for a financial update. The firm has yet to issue a Q3 earnings report.
Dating site Match Group (MTCH) added 2.6% and is breaking out from $32.00 to $34.32 The company disclosed that it amended some procedural and disclosure requirements for director nominations. Speculators are betting that the change is in response to an activist investor about to shake up the firm.
In the automotive sector, Ford (F) broke out, up 4.72% to $11.77. The firm recently slashed its Ford Electric Vehicle F-150 Lightning output targets. China EV stock Nio added 4.37% to trade at $7.76.
Acadia Pharmaceuticals (ACAD) is Wednesday’s winning stock. It won its patent suit for its drug, Nuplazid. Used to treat Parkinson’s disease, the court sided against generic drug maker MSN Laboratories.
