🔥 Biggest Ripper: Amgen is taking out the cancer biotech company Five Prime Therapeutics for nearly $2 billion and giving them a strong late-stage therapy for gastric cancer. On the news, $FPRX jumped 78%, far outperforming the broader market this week. $AMGN ended the trading week up 0.8%, managing to escape the wrath on markets this week.
🗓️ Last Week: After printing trillions of dollars last year, renewed fears about inflation and a poor recovery have finally put the party on hold. Jerome Powell of the Federal Reserve and Janet Yellen of the Treasury, the government’s leading officials on all things money, both insist that concerns about inflation and the economic recovery are overrated. However, investors don’t believe them. Stocks fell into the red for the year as investors bandwagon onto this week’s risk off.
📈 Coming Up: Markets have dragged their feet during the last few weeks of trading. The real question this week is whether or not markets have been oversold. Indexes such as the S&P 500 and the tech-heavy NASDAQ 100 traded up last year, despite stagnation in the rest of the broader economy. It’s leading some people to wonder if we are due for a reversal, or at least a year of low returns. The last negative year on markets was 2018. We’ll be looking to the start of a new earnings season to see how investors are feeling about the weeks ahead.