By Anil K. Ambastha and Kuldip K. Ambastha<\/p>\n\n\n\n
After testimony of the U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress where he indicated the possibility that the central bank may cut interest rates during its meeting later this month, some of the major stock market indices reached their all-time highs. The S&P 500, Dow 30, and Nasdaq indices respectively closed at 3013.77, 27332.03, and 8244.14.<\/p>\n\n\n\n
Another important event was the White House’s reversal on seeking to eliminate drug price rebates from drugmakers to pharmacy-benefit managers (PBMs). This resulted in major moves upward for the insurers and companies that operate large PBMs (e.g., ANTM<\/a>, CVS<\/a>, HUM<\/a>, and UNH<\/a>) and major moves downward for the pharmaceutical companies (e.g., LLY<\/a> and MRK<\/a>).<\/p>\n\n\n\n Keywords \u2013 Fed Chair<\/a>, White House<\/a>, stock market index<\/a>, pharmaceutical companies<\/a>, health insurer<\/a>, pharmacy-benefit managers<\/a>, drug price rebate<\/a>.<\/p>\n\n\n\n Disclosure \u2013 The principals of Ambastha Financial LLC have short option positions in ANTM<\/a>, CVS<\/a>, HUM<\/a>, MRK<\/a>, and UNH<\/a>. They also have a long equity position in MRK<\/a>. No recommendations are being made via this post. As an investor, you should do your own research and seek professional advice from a Registered Investment Adviser (RIA). You can lose money by investing in stocks and other investment instruments. Ambastha Financial LLC does not assume any responsibility (legal or otherwise) for any losses that may occur as a result of actions taken based on this post. All content copyrighted \u00a9 2019 \u2013 Ambastha Financial LLC.<\/p>\n","protected":false},"excerpt":{"rendered":" By Anil K. Ambastha and Kuldip K. Ambastha After testimony of the U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress where he indicated the possibility that the central bank may cut interest rates during its meeting later this month, some of the major stock market indices reached their all-time highs. The S&P 500, … <\/p>\n