Dow Jones futures turned slightly higher Tuesday morning, while S&P 500 futures and Nasdaq futures rose modestly. Tesla (TSLA), Marvell Technology (MRVL) are signaling moves above key levels, while the Bitcoin price plunges.
‘The stock market rally had a mixed session Monday, but many leaders acted well. BIIB stock skyrocketed after the FDA approved Biogen’s controversial Alzheimer’s drug.
Tesla stock rose above a key level early Tuesday as China sales rebounded in May, easing concerns somewhat about demand in that key market. That also comes after Tesla CEO Elon Musk scrapped the planned Model S Plaid Plus. Marvell Technology (MRVL) is signaling a breakout on earnings. The Bitcoin price tumbled in the wake of the U.S. recovering much of the cryptocurrency ransom paid by Colonial Pipeline last month.
Biogen Alzheimer’s Drug Approved
The FDA approved the Biogen (BIIB) Alzheimer’s treatment, aducanumab, on Monday. Aducanumab, now known as Aduhelm, is the first Alzheimer’s drug to gain approval in nearly two decades. There’s still a great deal of controversy over whether the Biogen Alzheimer’s drug is effective at slowing cognitive decline. The FDA gave aducanumab accelerated approval, meaning it’s requiring further testing and can reverse its decision at any time.
Biogen stock exploded 38% to 395.85. Intraday shares set a new high of 468.18. BIIB stock has had some big swings over the years, including several moves on Alzheimer’s drug news.
Biogen stock was easily the top performer on the S&P 500 index, followed by Eli Lilly (LLY). LLY stock shot up 10%, hitting a new high and breaking out of a four-month consolidation. Eli Lilly has a rival Alzheimer’s drug in the works.
LLY Stock Headlines New Buys
LLY stock was one of several stocks breaking out or flashing other buy signals on Monday. Others include DOCU stock, InMode (INMD), Star Bulk Carriers (SBLK) and Yeti (YETI).
Pool supplies retailer Leslie’s Poolmart (LESL) also broke out Monday, but with a caveat. LESL stock fell solidly …….