Last Week: 1.91%
YTD: 17.43%
1 Year: 28.25%
Dow Jones Industrial Average
Last Week: 0.66%
YTD: 5.39%
1 Year: 18.86%
Last Week: 3.46%
YTD: 22.53%
1 Year: 35.80%
Last Week: -1.00%
YTD: 0.61%
1 Year: 10.26%
YTD: 25.12%
1 Year: 39.96%
YTD: 6.19%
1 Year: 13.84%
Unemployment and Jobs
The US economy added more jobs than expected; however, unemployment ticked up. Unemployment rose in June, climbing to 4.1%. This is the highest level since October 2021. Meanwhile, nonfarm payrolls increased by 206,000 for the month, which was better than the 200,000 expected. In the case of inflation and interest rates, the news that unemployment is rising is good news, and we may see a rate cut later this year. The largest job creation came in the government sector.
Democratic Party Tension
Members of the Democratic Party, as well as wealthy party donors, are urging President Biden to step down from running for reelection this fall. Biden’s lackluster debate performance against Trump has caused concern inside the party to replace Biden with a more suitable candidate. The Democratic convention is in August, and influential members of Congress and big donors are trying to garner momentum to get Biden to exit stage left and select a new nominee before the convention. President Biden has reiterated he will not be stepping down and will be running as the party’s candidate for reelection.
Pharmaceuticals Showing Strong Data for Health
Eli Lilly, Novo Nordisk, and other drugmakers presented promising data on weight loss and diabetes drugs at the American Diabetes Association’s annual meeting. These companies showcased various treatments, some diverging from traditional GLP-1 medications like Wegovy and Ozempic, focusing on metabolic diseases and additional health benefits beyond weight loss. Eli Lilly highlighted Zepbound’s potential to treat obstructive sleep apnea, and Novo Nordisk presented data showing semaglutide’s benefits in chronic kidney disease. Other companies like Zealand Pharma, Altimmune, and Viking Therapeutics also shared positive trial results for their experimental weight loss and diabetes treatments.
