Stocks were mixed yesterday and they’re flattish in the early going today. Treasuries and the dollar are also adrift so far, while crude oil is a bit lower and gold and silver are a bit higher.

Markets aren’t very active (yet) because today is the first day of two days of Congressional testimony from Federal Reserve Chairman Jay Powell. These semi-annual appearances are closely scrutinized on Wall Street for any hints about the possible future direction of monetary policy.

The interest rate markets are pricing in a high likelihood of the Fed standing pat at the July 30-31 meeting, then cutting rates by 25 basis points at the Sept. 17-18 one. But depending on what Powell has to say today and tomorrow – and the consumer and producer inflation data we get later in the week – that could change quickly.

NVO, LLY (YTD % Change)

In the diabetes/weight loss drug wars, investors are always looking for signs about which pharmaceutical company’s product works best. Novo Nordisk A/S (NVO) shares dropped slightly today after a study in JAMA Internal Medicine concluded that the active ingredient in Eli Lilly & Co.’s (LLY) Mounjaro (tirzepatide) worked better than the main ingredient in Novo’s Wegovy (semaglutide).

That said, the analysis was based on health records and other data rather than a head-to-head study of the drugs. And it’s worth noting that shareholders of both NVO and LLY have every reason to be happy, with year-to-date gains of 38% and 57% respectively.