MRK

Moving with the market

• MRK +0.34% on the last session vs SPY +0.74%: −0.4 pts of stock-specific move.
• Aftermath, big drop (Sep 30): After its 71 big drops in the past 5 years, MRK typically gained 1.5% over the next month (median) and was higher 58% of the time; half the outcomes fell between -2.3% and +4.8%. An ordinary month: +1.3%. Among S&P 500 stocks after big drops, that ranks #263 of 500.
• Market backdrop (Fri): Average Hourly Earnings m/m 0.1% vs 0.3% expected (cooler); Non-Farm Employment Change 29K vs 89K expected (weaker); S&P futures +0.41%, 10-year yield -5bp in the 30 minutes after.