💊 IBB Rises on Jobs Data, Biotech Catalysts; REGN, AMGN Among Top Movers | Biotech Sector Insights
(IBB) has risen by 1.6% during market hours on Friday. The U.S. Labor Department reported an increase of 139,000 jobs in May, with the unemployment rate steady at 4.2%. This reflects resilience in the labor market, which may support healthcare equities.
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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Friday, June 6
IBB [+1.6%]
iShares Biotechnology ETF
The iShares Biotechnology ETF (IBB) has risen by 1.6% during market hours on Friday. The U.S. Labor Department reported an increase of 139,000 jobs in May, with the unemployment rate steady at 4.2%. This reflects resilience in the labor market, which may support healthcare equities. Average hourly earnings also rose more than expected, suggesting wage growth that could bolster consumer spending on health-related products and services. Additionally, Health and Human Services Secretary Robert F. Kennedy Jr. announced efforts to expedite the approval process for treatments targeting rare diseases at a recent FDA event. Among the ETF's holdings, VRTX, REGN, AMGN, IQV, and MRNA contributed positively to its performance. Notably, Regeneron is involved in a competitive bidding process for 23andMe's DNA data, while Amgen will present at the Goldman Sachs Global Healthcare Conference. The Dow Jones Index has increased by 1.20%, aligning with the movement of IBB.