The markets are up this morning, a reflection of their adjustment to a Joe Biden presidency. This comes after a highly volatile election week that was unmarked by uncertainty as to who had won the election.
The markets are expecting a presidency that is likely to be more moderate and pro-business. One aspect of a Joe Biden presidency that is exciting the market is the possibility of a big fiscal stimulus package, State investments in sustainability projects, and better policies in international trade. In his speech on Saturday, Biden stated that he would work towards the unity that has shown to be highly divided.
The markets are also excited that some negative aspects of a Biden presidency such as higher taxes could be mitigated by a republican-controlled senate. Essentially, the markets expect more predictability in how business interacts with the Whitehouse. The Fed also recently announced that it would do everything possible to keep supporting the economy.
This means that the economy could be headed for some good times ahead and the markets are responding to the same. With this expected stability and growth, stocks in industries likely to benefit the most such as biotech and cannabis stocks are doing quite well. Some of the top performers pre-market that could gain all day are as below:
Aptevo Therapeutics Inc [NASDAQ: APVO]
Aptevo Therapeutics Inc is making big moves in continuation of its Friday’s price action. The stock is up by more than 100% pre-market and gaining. This follows the company’s announcement that it had adopted a limited duration stockholder rights plan.
The company announced that its board had approved the plan that would help protect stockholders from the actions of third parties determines are not in the company’s best interest, and help them get the most value from the company. This seems to have excited traders if its price action is anything to go by.
Oncternal Therapeutics Inc [NASDAQ: ONCT]
Oncternal Therapeutics Inc is a top performer this morning and is up by over 50%. This follows the company’s announcement of its Q3 results and offered a business update. The company announced that in Q3, its balance sheet strengthened all thanks to $10.1 million that it got in equity financing. The company also reported that in Q3, it had received a rare pediatric disease designation for its treatment called TK216 from the FDA.
Tilray Inc [NASDAQ: TLRY]
Tilray Inc is a top performer this morning and is up by over 40%. This is in line with other cannabis stocks that are all set to benefit from liberal weed policies in more states across the U.S. The company’s revenues are set to go up thanks to these policies and its price action is reflecting the same.