Stocks are trying to stage a rebound after a couple rough days. Treasuries and the dollar are flattish along with crude oil, while gold is bouncing a bit.
Another day, another round of cross-border strikes in the Middle East. Pakistan responded to Iranian missile strikes on its territory yesterday by attacking terrorist hideouts in Iranian territory today. The US also fired Tomahawk missiles into Houthi-controlled territory in Yemen to prevent what it called an imminent threat to Red Sea shipping.
Pakistan said it was targeting separatists in Iran rather than Iranian forces or civilians. Plus, officials from both countries emphasized a need for caution afterward. But the ongoing strikes and counterstrikes do raise the risk of escalation or miscalculations. So, investors are keeping a close eye on activity in the region.
Anti-obesity/anti-diabetes drugs like Ozempic and Mounjaro are proving wildly successful for the pharmaceutical companies behind them. Now, Novo Nordisk (NVO) and Eli Lilly (LLY) are raising their prices, according to the Wall Street Journal. Citing data from 46brooklyn Research, the newspaper said list prices on 775 drugs rose by a median of 4.5% this year, with increases of 3.5% and 4.5% on those two alone.
Finally, Apple (AAPL) will have to sell its latest watches with a key feature that measures blood oxygen levels disabled. The awkward arrangement for its Series 9 and Ultra 2 watch models stems from an ongoing patent dispute with Masimo (MASI).
Apple is appealing restrictions imposed by the US International Trade Commission, which ruled that the tech giant violated Masimo’s patents related to the measurement system. But the process could take more than a year, requiring the company to take this stopgap measure for now.