TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, December 8th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. It’s been a packed week as investors digest labor market and inflation data. Investors are feeling hopeful that the relatively strong labor market, falling inflation, and improved consumer sentiment could suggest the Federal Reserve may avoid a recession.
Next week, investors will be looking ahead to more inflation data and the central bank’s interest rate decision. This will mark the final move on interest rates in 2023.
In other news, the Food and Drug Administration has approved the country's first gene-editing drug. Casgevy (Kass-Jevy), produced by Vertex Pharmaceuticals and CRISPR Therapeutics, will be used to treat those with sickle cell disease.
Sickle cell causes a dysfunctional form of hemoglobin, a protein that carries oxygen to the blood and turns red blood cells into a crescent shape. It affects about 100,000 people in the U.S. and an estimated 20 million people worldwide.
Using CRISPR’s Nobel Prize-winning technology, Casgevy allows a person’s DNA to be edited to turn on fetal hemoglobin, which normally shuts off after birth. This helps the red blood cells remain in their healthy, full moon-shaped state.
The new treatment has been approved for people 12 years and older. However, it takes months to complete, has certain risks, and does not come cheap. Vertex says it will charge $2.2 million per patient and will likely not be covered by all health insurance providers.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
