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Today in the Market (1/6/2022)

Good Evening! After December employment statistics revealed that wage growth slowed last month, U.S. markets launched their first big rally of 2023 to conclude the week higher. The publication was seen by investors as a hint that Federal Reserve policymakers may slow their rate-hiking effort.

The S&P 500 increased by 2.28%, whilst the Dow Jones rose by 2.13%. The Nasdaq Composite surged by 2.56%.

MCMAHON RETURNS

World Wrestling Entertainment Inc.’s (WWE) main shareholder and former CEO, Vince McMahon, is rejoining the board of directors while the firm explores strategic alternatives.

The media and entertainment firm published a statement on Thursday stating that McMahon’s new job will allow for united decision-making during forthcoming media rights negotiations and a concurrent comprehensive examination of the company’s strategic options.

However… McMahon’s return to the WWE board might disrupt the family dynamic. McMahon’s daughter, chairwoman and co-CEO McMahon, and Nick Khan, co-CEO, currently control WWE. Vince McMahon controls 92% of the company’s Class B shares, which each have 10 votes.

FDA APPROVAL

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The U.S. Food and Drug Administration authorized Eisai Co Ltd and Biogen Inc’s Alzheimer’s drug lecanemab for patients in the initial stages of the mind-wasting illness.

The therapy, which will be marketed under the name Leqembi, belongs to a family of medications designed to delay the progression of neurodegenerative illness by eliminating damaging beta-amyloid protein aggregates from the brain. Eisai predicted that the number of U.S. patients eligible for the treatment will reach around 100,000 within three years, and then increase progressively over the medium and long term.

How did it do? Lecanemab, which is administered by infusion, delayed the pace of cognitive impairment in individuals with early Alzheimer’s by 27% compared to placebo in a major clinical study. Nearly 13% of Leqembi-treated study participants had brain swelling.

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