Solid session for Pfizer generates 0.81% gain yesterday

Published: January 26 2023, 04:00 GMT+0

Solid session for Pfizer generates 0.81% gain yesterday

Yesterday at a glance: bullish sentiment helped the multinational pharma juggernaut to hammer out a noteworthy $44.59 to $45.11 range yesterday, and finally closing at $45.07 to end the session.

Pfizer's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories fell short of the 971,000 projections, with new data of 533,000.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

A look at other health care stocks also showed bullish price action as Bristol-Myers Squibb Company traded at $73.17 after closing yesterday's trading day at $72.34 (up 1.15%). Novartis gained 0.86%, as it traded at $92.81.

Pfizer went up yesterday, yet these health care stocks did not follow — Abbott Laboratories closed at $111 (down 1.36%).

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC.

The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.

Trending downwards for around a month. This year has been a gloomy one for the multinational pharma juggernaut after trading as high as $55.17 and going on to lose 12.78% of its value.