Healthcare outperforms S&P 500 as large cap pharma rebounds

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  • Healthcare stocks led the gainers in the S&P 500 on Thursday, as large-cap pharma stocks witnessed a resurgence a day after the U.S. Federal Reserve approved its third consecutive interest-rate increase of 0.75 percentage points signaling additional large hikes for the year.
  • While leading drugmakers Merck (MRK), Johnson & Johnson (JNJ) and Amgen (AMGN), and UnitedHealth (UNH) dominated the S&P 500, VanEck Vectors Pharmaceutical ETF (NASDAQ:PPH), representing 25 global pharma stocks, rose after seven straight sessions of losses.
  • Merck (MRK) posted the second-best intraday gain for the year after winning a patent lawsuit against Viatris (VTRS) over its blockbuster diabetes drugs Januvia and Janumet.
  • Meanwhile, Eli Lilly (LLY) recorded the best gain for 2022 after UBS upgraded the stock citing the company’s prospects in the weight loss market and Alzheimer’s space.
  • Read: Seeking Alpha contributor North Post Research cites a positive correlation between healthcare and inflation, which reached a four-decade high in June with a 9.1% rise in the consumer price index.

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