U.S. stocks advanced on Friday, starting December with a broad rally as remarks from Federal Reserve Chairman Jerome Powell bolstered the view that interest rates have peaked. All three major U.S. stock indexes were higher, with economically sensitive transports and smallcaps enjoying the most robust gains.
Shares of Pfizer (NYSE: PFE) were sinking 4.4% lower as of 11:10 a.m. ET on Friday after falling as much as 7.1% earlier in the morning. The sell-off came after the company announced that it's throwing in the towel on a twice-daily version of experimental weight-loss pill danuglipron. Pfizer made the decision based on results from a phase 2b clinical study of danuglipron.
Seattle Genetics (SGEN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.