EQS-News: CBOE's Weekly Market Recap: Nov.14-18 Biogens Alzheimers Drug Captures Investors Attention

The market has experienced some relief from bearish price action in November, continuing Octobers push to usher the SPDR S&P 500 ETF (NYSEARCA: SPY) toward $400.

Individual stocks have seen some relief as well, particularly in the oil & gas, biotechnology and financial sectors, which continue to show bullish action compared to the general market. The current rally is likely influenced by the latest Consumer Price Index (CPI) and Producer Price Index (PPI) reports, both of which came in below expectations. This arguably indicates that the Federal Reserves monetary tightening policies are starting to work.

Cboe Global Markets Inc. (BATS: CBOE) reports that all the exchange-traded funds (ETFs) and indices recorded in this series experienced a price decrease last week as the general market experienced a pullback in its short-term uptrend. Britains iShares Core Dax UCITS ETF (BIT: EXS1) and Frances Lyxor CAC 40 ETF (EPA: CAC) were the two exceptions, both experiencing slight increases in the prior week.

The cryptocurrency market has largely mirrored its traditional counterparts, experiencing decreases in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) all of which have dropped in value following FTXs collapse. With uncertainty brimming, Cboe highlights Biogen Inc. (NASDAQ: BIIB) as a chart that may have piqued investor interest following positive clinical trial results for their new Alzheimers drug.

Next week will be huge for the fashion retail sector, with many of Wall Streets top firms reporting earnings. Cboe has compiled a list of earnings for investors to keep an eye on at the bottom of this report.

Keep scrolling to learn more.

• The SPDR S&P 500 ETF (NYSEARCA: SPY) decreased by 0.62% over the previous week.

• The Invesco QQQ Trust Series 1 (NASDAQ: QQQ) decreased by 1.09% over the previous week, mirroring the SPYs movements.

• The iShares Russell 2000 ETF (NASDAQ: IWM) decreased by 1.70% over the previous week.

• The Cboe Volatility Index (INDEXCBOE: VIX) closed at 23.11 last week, a slight increase over last week.

• The iShares Core MSCI Europe ETF (NYSEARCA: IEUR) decreased by 0.63% week-on-week.

• The iShares FTSE 100 UCITS ETF (LSE: ISF) increased by 0.95% week-on-week.

• The Lyxor CAC 40 ETF (EPA: CAC) increased by 0.71% week-on-week.

This photo was taken from the TradingView platform

Shares of Biogen skyrocketed on Sept. 22nd after the company announced positive clinical trial results for their Alzheimers drug lecanemab. The company said their drug met all key secondary endpoints with highly statistically significant results.

These results have brought Biogen closer to a Federal Drug Agency (FDA) approved Alzheimers drug, a feat several biopharmaceutical companies are competing to achieve. Investors responded enthusiastically to this information. Biogens trading volume on the 28th of September hit 7.111 million shares, a 1,500% positive deviation off of the 50-day average trading volume of 331,000.

The stocks price slingshotted 50% overnight rising to $284 a share and, since then, has drifted toward $300. According to Grand View Research, the Alzheimers therapy market was valued at $4.04 billion in 2021 and is expected to grow at a 16.2% compound annual growth rate from 2022 to 2030.

• Bitcoin has decreased by 0.33% since the previous week, consolidating after FTXs collapse.

• Ethereum has decreased by 6.4% since last week.

• Solana has decreased by 6.91% since last week.

A number of companies report earnings next week, including:

Click here for more weekly insights by Cboe.

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Michele Ormont

mormont@cboe.com

https://www.cboe.com/