Stocks fell on Wednesday after minutes from the Federal Reserve’s September meeting were released. The Fed’s minutes showed that the central bank is expected to keep raising interest rates until inflation shows signs of slowing down.
Overall, S$P 500 slipped 0.3% to 3,577, while NASDAQ declined 0.1% to 10,417.
Tweet of the Day
Just a bit of #perspecitve. While the decline this year has #felt terrible, the #bullish trend, for now, remains intact, with the #market defending the 200-week moving average. We will be in a #bearmarket when the trend is broken, for now, it remains a #correction. pic.twitter.com/R0AFEPhlrZ
— Lance Roberts (@LanceRoberts) October 12, 2022
Meanwhile, Merck (MRK) extended its partnership with Moderna on cancer vaccine. In addition, its cardiovascular drug succeeded in a study.
Chart of the Day
Our chart of the day is the one-year chart of MRK as of August 20, 2022, when the stock was at $92.
Merck is a global healthcare company that provides customers with patented prescription medicines, vaccines, biologic therapies, and animal health products.
Merck extended its partnership with Moderna to help the latter develop a personalized cancer vaccine treatment. The collaboration made Merck pay Moderna $250 million.
Merck’s cardiovascular drug passed a “must-win” as a treatment for patients with pulmonary arterial hypertension. This is considered to be the most critical component of its $11.5 billion acquisition of Acceleron Pharma.
MRK is part of the Conservative Growth Portfolio. David Sharek’s Fair Value is a P/E of 15, which equates to $111.
