CBOE - CBOE's Weekly Market Recap: Nov.14-18 – Biogen’s Alzheimer’s Drug Captures Investors’ Attention

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The market hasexperienced some relief from bearish price action in November,continuing October’s 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 financialsectors, which continue to show bullish action compared to the generalmarket. The current rally is likely influenced by the latest ConsumerPrice Index (CPI) and Producer Price Index (PPI) reports, both ofwhich came in below expectations. This arguably indicates that theFederal Reserve’s monetary tightening policies are starting to work.

Cboe GlobalMarkets Inc. (BATS: CBOE) reports that all the exchange-tradedfunds (ETFs) and indices recorded in this series experienced a pricedecrease last week as the general market experienced a pullback in itsshort-term uptrend. Britain’s iShares Core DAX UCITS ETF (BIT: EXS1) and France’s Lyxor CAC 40 ETF (EPA: CAC) werethe two exceptions, both experiencing slight increases in the priorweek.

Thecryptocurrency market has largely mirrored its traditionalcounterparts, experiencing decreases in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) — allof which have dropped in value following FTX’s collapse. Withuncertainty brimming, Cboe highlights Biogen Inc. (NASDAQ:BIIB) as a chart that may have piqued investor interest followingpositive clinical trial results for their new Alzheimer’sdrug.

Next weekwill be huge for the fashion retail sector, with many of WallStreet’s top firms reporting earnings. Cboe has compiled a list ofearnings for investors to keep an eye on at the bottom of this report.

Keep scrolling to learn more.

Quick BitesExchange-Traded Funds

• The SPDRS&P 500 ETF (NYSEARCA: SPY) decreased by 0.62% over theprevious week.

• The InvescoQQQ Trust Series 1 (NASDAQ: QQQ) decreased by 1.09% over theprevious week, mirroring the SPY’s 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 overlast week.

World Markets

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

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

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

Chart Of The Week: BIIB

Thisphoto was taken from the TradingView platform

Shares ofBiogen skyrocketed on Sept. 22nd after the company announced positiveclinical trial results for their Alzheimer’s drug lecanemab. Thecompany said their drug met all key secondary endpoints with highly statisticallysignificant results.

These results have brought Biogen closer to a Federal DrugAgency (FDA) approved Alzheimer’s drug, a feat severalbiopharmaceutical companies are competing to achieve. Investorsresponded enthusiastically to this information. Biogen’s tradingvolume on the 28th of September hit 7.111 million shares, a 1,500%positive deviation off of the 50-day average trading volume of331,000.

The stock’s priceslingshotted 50% overnight – rising to $284 a share – and, sincethen, has drifted toward $300. According to Grand View Research, theAlzheimer’s therapy market was valued at $4.04 billion in 2021 andis expected to grow at a 16.2% compound annual growth rate from 2022to 2030.

Major Cryptocurrencies

• Bitcoin hasdecreased by 0.33% since the previous week, consolidating afterFTX’s collapse.

• Ethereumhas decreased by 6.4% since last week.

• Solana has decreased by 6.91% since lastweek.

Upcoming Earnings Releases

A number of companies report earnings nextweek, including:

Click here for more weeklyinsights by Cboe.

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