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The biotech sector has significantly lagged behind the overall market and its leading sector, technology, year-to-date. However, following the release of the CPI data on Thursday, the biotech sector, represented by the iShares Biotechnology ETF NASDAQ: IBB, experienced a significant breakout above a multi-year resistance level.
On June 24, 2024 I wrote a daily called, Biotechnology Sector IBB Breakout Comes To Life: “IBB sits just below the 200-WMA. Plus, he is in the middle of the weekly channel range.
Biotech indexes lagged broader market indexes in the first half of 2024, and trade at the same level as in early 2022. Biotech valuations are closely tied to the Fed's interest rate policy and are highly correlated to the 10-year yield. Inflation is likely to trend lower, and, along with rising unemployment, should persuade the Fed to cut rates this year in September.
The biotechnology sector, represented by the iShares Biotechnology ETF NASDAQ: IBB, has experienced a year of consolidation. With the ETF up just 0.8%, it has underperformed the broader market, making it one of the worst-performing sectors year-to-date.
Over the weekend as we looked at the entire Economic Modern Family of stock market ETFs, we focused on Big Brother Biotechnology IBB as particularly intriguing. We wrote: “IBB sits just below the 200-WMA.
The iShares Biotechnology ETF (IBB) was launched on 02/05/2001, and is a smart beta exchange traded fund designed to offer broad exposure to the Health Care ETFs category of the market.
Looking for broad exposure to the Healthcare - Biotech segment of the equity market? You should consider the iShares Biotechnology ETF (IBB), a passively managed exchange traded fund launched on 02/05/2001.
Innovation has been a hallmark of biotechnology for decades and, despite some of the hardest sledding in many years, 2024 could be a bounce-back year for biotech stocks. The sector has suffered in this cycle.
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The biotech sector and its popular ETF, the iShares Biotechnology ETF NASDAQ: IBB, have lagged the overall market during the year, with its shares slightly red. However, in recent weeks, the sector has enjoyed a significant rally after bouncing off its uptrend support and now consolidating near several major Simple Moving Averages (SMA).