Stock Market Report As of 11/8/2023

Stock Market Report As of 11/8/2023

•  Stocks end mixed: The S&P 500 and Nasdaq added to their longest winning streaks in two years while oil prices and Treasury yields retreated.
• Stocks gain modestly: The S&P 500 and Nasdaq both eked out modest gains of about 0.1%, while the Dow Jones Industrial Average slipped 0.1%.
• Investors confident: Stocks have been on a tear since last week’s interest rate decision from the Federal Reserve. Investors are increasingly confident the Federal Open Market Committee will vote to keep interest rates steady at the policymaking group’s next meeting in December. But recent comments from other Fed officials have indicated that’s far from a safe bet.
• Longest winning streaks: Stocks ticked up again yesterday, with the Nasdaq and the S&P 500 notching their longest winning streaks since November 2021.
• Dow Jones falls: The Dow Jones Industrial Average fell about 0.1%, or 40 points, to break its seven-session winning streak.
• Stocks in focus:
  • Amgen (AMGN) was the best-performing stock Dow 30 after gaining 0.8%.
  • Microsoft (MSFT) advanced for the ninth straight day, rising about 0.7% to close at a new record high of $363.20.
  • Apple (AAPL) shares gained 0.6%.
  • Walgreens Boots Alliance (WBA) shares dropped 3% after the launch of the Pharmacy Guild, a pharmacy worker union backed by the International Association of Machinists and Aerospace Workers (IAM). Pharmacists at Walgreens and CVS Health (CVS) health locations staged a three-day walkout late last month to protest understaffing and overwhelming workloads.
  • Shares of Intel (INTC) fell 2.2%, giving up all of its gains yesterday when it was the best-performing stock in the index. The chipmaker disclosed in a regulatory filing Wednesday that it purchased nearly 1.2 million American depositary receipts (ADRs) of British chip designer Arm Holdings (ARM) when it went public in September. ADRs of Arm declined 1.5% Wednesday ahead of its post-market earnings report .
  • Shares of Chevron (CVX) fell for the fourth straight session. The oil major shed about 1.4% as oil prices slumped more than 2% to their lowest level since July.
  • Honeywell (HON) shares lost 1.1% while 3M (MMM) shares dipped 0.9%.
  • Walt Disney Company (DIS) shares slipped about 0.1% as investors waited for the media giant’s earnings report after the bell.
• Warner Bros. Discovery shares tumble: Warner Bros. Discovery (WBD) was the worst-performing stock in the S&P 500 Wednesday as shares tumbled 18% after the media giant posted a drop in ad sales at its TV networks and lost direct-to-consumer service subscribers .

LILY

•  The U.S. Food and Drug Administration (FDA) has approved tirzepatide, the active ingredient in Eli Lilly’s diabetes drug Mounjaro, for the treatment of obesity.
• The weight-loss version of the drug will be marketed as Zepbound and will be available by the end of the year at a list price of $1,060 before insurance.
• Zepbound is a glucagon-like peptide-1 (GLP-1) receptor agonist, the same class of drug as Ozempic and Wegovy.
• Eli Lilly has seen its shares soar this year amid excitement about GLP-1s.
• With a market cap of over $580 billion, Eli Lilly is worth 160% of the next largest U.S. drug maker, Johnson & Johnson.

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