Life sciences firms rise after US and China agree to cut tariffs

Shares of some life sciences firms rise premarket after the U.S. and China's agreement to temporarily cut tariffs eased trade tensions and recession fears

Shares of QuidelOrtho QDEL.O up ~2%, Thermo Fisher Scientific TMO.N up 2.2%, Bio-Techne TECH.O up 2.1% and Danaher DHR.N up 2.3% premarket

The U.S. will reduce tariffs on Chinese imports from 145% to 30%, while China will cut tariffs on U.S. goods from 125% to 10%; both measures effective for 90 days

As of last close, QDEL down 18.4%, TMO down 22.5%, TECH down 30.7%, DHR down 17.4% YTD