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Market Sees Mixed Reactions as Biden Administration Supports Waiving COVID-19 Patents

UTC by Benjamin Godfrey · 3 min read
Market Sees Mixed Reactions as Biden Administration Supports Waiving COVID-19 Patents

The crypto market reactions are based on renewed interest from retail investors that is fueled by the incorporation of digital currencies in payments.

The United States of America is seeing improving vaccination rates, a development that is bringing back health to the stock market reactions. While America is recovering, many nations of the world are struggling with the production of vaccinations as new waves of the COVID-19 pandemic sweeps through. Based on this, the Biden administration said on Wednesday that it backs waiving the intellectual patent protections for Covid-19 vaccines. This was, foreign nations or biopharmaceutical firms will be able to produce similar vaccines as those in circulation in the US.

The market responded differently to this news as well as other markers that signal economic recovery. The Dow Jones Industrial Average (INDEXDJX: .DJI) lead the major market index growth by 0.29% growth or 97.31 points to close at 34,230.34. The S&P 500 (INDEXSP: .INX) saw a 0.070% boost to 4,167.59 while the Nasdaq Composite (INDEXNASDAQ: .IXIC) recorded a slight loss of 0.37% due to tech sell-off. The tech-heavy index closed Wednesday’s session at 13,582.42.

The companies billed to be most impacted by the patent removals closed saw investor sell-offs. Moderna Inc (NASDAQ: MRNA) closed 6.19% lower to $162.84. While Pfizer Inc (NYSE: PFE) ended the Wednesday session with a 0.050% gain, it is currently trading down by 3.13% to $38.72 in the Pre-market. Johnson & Johnson (NYSE: JNJ) closed down 0.42% to $167.07.

Key sectors in the S&P 500 including Energy, and Materials lead the key sector bullish rallies in response to the reopening economy.

“Energy, financial, materials, industrials are all outperforming. They tend to be cyclically oriented sectors and tend to benefit during periods when the economies are reopening and expanding,” said Terry Sandven, chief equity strategist at US Bank Wealth Management.

Per the company’s performances, Peloton Interactive Inc (NASDAQ: PTON) sunk by 14.56% to $82.62, as it announces its plans to recall its treadmills after several injuries, with one of the latest involving a child. General Motors Company (NYSE: GM) soared 4.05% to $57.58 after it reported better than expected earnings.

Reactions in the Crypto Market

The crypto market reactions to events in the past week and days are based on renewed interest from retail investors, as fueled by the incorporation of digital currencies in payments. From auction house, Sotheby’s to reports of eBay Inc (NASDAQ: EBAY) looking into crypto payments, the overall utilities surrounding cryptocurrencies are increasing.

Bitcoin (BTC) is up 2.71% to $56,883.61, Ethereum (ETH) gained 2.70% to $3,436.98 as it looks to reclaim its recently set All-time high (ATH) above $3,500 a few days ago. Newly ranked number 4 cryptocurrency, Dogecoin (DOGE) lost some of its steam in the past 24 hours and is down 8.09% to $0.6034. All price data were obtained from CoinMarketCap.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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