Wall Street set to open higher on bargain hunting, Merck boost

Published by
Reuters

By Devik Jain and Ambar Warrick (Reuters) -Wall Street’s main indexes were set to rise on Friday as steep losses in September saw investors buying into cheaper sectors, while drugmaker Merck rose on marking progress in the development of an oral COVID-19 drug. Shares of Merck & Co Inc jumped 8.3% in premarket trading after the company’s experimental oral drug for COVID-19, molnupiravir, reduced by around 50% the chance of hospitalization or death for patients at risk of severe disease in a study. COVID vaccine makers Moderna Inc and Pfizer Inc fell 4.4% and 1.3%, respectively, after the news. …

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