Bets on interest-rate cuts plus a surge in pharma deals mean the worst is likely over for the biotech sector.
The Biden Administration vowed to take new action to crack down on high drug prices. Pharmaceutical investors largely shrugged off the announcement. Shares of pharmaceutical and biotech companies didn't move too much on Thursday morning, despite the White House’s embrace of so-called march-in rights.
Bank of America Head of Portfolio Strategy Michael Hartnett (BAC) wrote a note to clients explaining some of his top picks for 2024. Hartnett encouraged clients to expect a harsh landing for the US economy next year, and prepare themselves by buying stocks in the banking, retail, and utility sectors, among others, as well as placing investments in China. Yahoo Finance Reporter Madison Mills breaks down Hartnett's net and what investors need to pay close attention to. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.