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Nasdaq 100 extends gains, Chinese ADRs rise, meme stocks mixed, Biogen stock plunges

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Yahoo Finance's Ines Ferre reports on the market and moves in the Nasdaq 100, Chinese ADRs, meme stocks, and Biogen shares.

Video transcript

ZACK GUZMAN: Well, the CPI number we got this morning may have been the hottest inflation print that we've seen in almost 40 years, but largely in line with expectations. And we are seeing the markets up marginally today in the session. Right now on the S&P 500 sector watch, health care the biggest mover to the downside. And that sector is only off, less than half of 1%. For more on all the moves we're watching though, I want to bring in Yahoo Finance's Ines Ferre with a closer look at the movers. Ines.

INES FERRE: And Zack, taking a look at the session today, we have seen a little bit of choppiness because we had opened higher. Then we briefly dipped into red territory, and now we're back in the green. With the NASDAQ composite up about half of a percent, The S&P 500 of about 4/10 of a percent. I do want to know the 10 year Treasury, because we have seen a lot of action in the bond market recently. And that is down 3 basis points at 1.72%.

Taking a look at the NASDAQ 100 where we've seen some movement, some of the mega caps which had been under pressure over the last week or so, those are seeing some gains, with Microsoft up more than 1%, Alphabet also higher on the left hand of your screen. You're also looking in the middle right here at Tesla, up more than 3% for Tesla.

Watching the Chinese ADRs, these are seeing some gains today, Baba more than 3.5%. We have also been watching Didi. A lot of this movement to the upside has to do with informal talks that Didi is having to list in Hong Kong in the second quarter of this year. This is something that had been known and was telegraphed. However, we're seeing some progress when it comes to this, as Didi prepares to delist here in the US.

And then we're also taking a look at some of the meme names today. We had seen a little bit of more pressure on the screen here. But we are just watching out, AMC flipping into green territory right now, briefly a little bit in the green, and then also just taking a look at some of these other names, like GameStop, down about 1% today.

I also want to mention what's happening in the Bitcoin space, in the crypto space, because we had seen Bitcoin briefly topping 44,000 earlier today, the first top of 44,000 in a week for Bitcoin. And I also want to mention what's happening with our trending tickers, which one of them being Biogen, a top trending ticker on our Yahoo Finance page, Biogen sinking after Medicare said it's limiting its Alzheimer's drug coverage, limited to only clinical trial participants.

This has been sort of controversial therapy that Biogen has, simply because part of the reason is because the drug costs $28,000 per year. The government says it wants to see more evidence before a broader approval for the Biogen Alzheimer's drug.

ZACK GUZMAN: Ines Ferre bringing us the latest there on MarketWatch, appreciate that.

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