Dow advanced 244, advancers over decliners about 2-1 & NAZ jumped 201. 'The MLP index stayed in the 222s & the REIT index went up 3+ to the 365s. Junk bond funds were being purchased & Treasuries saw heavy selling, driving yields higher. Oil slid back pennies in the 74s after yesterday's sharp drop & gold was off 3 to 1992.
AMJ (Alerian MLP Index tracking fund)
The US economy rose 1.1% in Q1, falling short of estimates, in a sign that a slowdown is underway. It is
also a big pullback from the Q4's 2.6% rise & Q3's 3.2% increase, according to the final estimate from the Bureau
of Economic Analysis. The read may present a conundrum for
the Federal Reserve & Chair Jerome Powell, who frequently touts
being data dependent, heading into next week's May meeting. Economic activity has been choppy, at best, in recent weeks. Durable
goods orders for Mar rose 3.2%, the first increase in 3 months,
blowing past expectations of just 0.7% growth. However, spending at
retail stores indicated the consumer has dialed back on spending. Retail
sales fell 1% in Mar from the prior month, more than expected. Excluding autos, sales slipped 0.8%. Consumer confidence, tracked by the Conference Board, slipped to a 9-month low in Apr.
US economy grew 1.1% in first quarter signaling slowdown
Patients who took Eli Lilly's (LLY) weight loss drug tirzepatide lost up to 34 pounds on average, or 16% of their body weight, the company said in clinical trial results. LLY plans to complete its application for Food & Drug
Administration approval of the drug in the coming weeks & expects
regulatory action as early as later this year. The FDA approved tirzepatide for Type 2 diabetes last year, but the drug is not cleared for weight loss. The
approval would open “up the opportunity for many more people to benefit
from tirzepatide,” CEO David Ricks said. He added that the drug sets a “new bar for weight loss and
people with diabetes.” The phase 3 trial followed 938 adults who were overweight & had
type 2 diabetes. Patients who took a 10 milligram version of the
injection after 72 weeks lost nearly 30 pounds on average, while those
who took 15 milligrams lost 34 pounds on average. Patients in the placebo group who did not take the pill lost an average of 7 pounds. About
86% of patients in the trial who took tirzepatide lost at least 5% of
their body weight, compared to about 30% in the placebo group. The
level of average weight loss seen in the trial “has not been previously
achieved in phase 3 trials for obesity or overweight and type 2
diabetes,” Jeff Emmick, senior VP of product
development, said. Tirzepatide also reduced levels of A1C,
which measures the body's average blood sugar level over the past 3
months. Higher levels of A1C are associated with a higher risk of
diabetes complications. The stock was up 7.56.
If you would like to learn more about LLY, click on this link:
club.ino.com/trend/analysis/stock/LLY_aid=CD3289&a_bid=6aeoso5b6f7
Lilly says obesity drug tirzepatide resulted in weight loss of up to 34 pounds
Meta (META) reported strong results, posting a beat on the top & bottom lines. First-qtr EPS was $2.20, beating the
estimate of $2.03 & revenue of $28.6B versus the $27.6B expected. Growth in China advertising spend
helped lift the company's Q1, with CFO Susan Li saying the bump “was due in part to dropping
shipping costs and easing Covid lockdown for those advertisers.” The rally was also driven by optimistic guidance for the current
qtr. The company expects Q2 revenue to be $29.5-32B. As with other large-cap tech companies, analysts expect that artificial intelligence will be a positive point for META. The stock jumped 30 (14%).
If you would like to learn more about META, click on this link:
club.ino.com/trend/analysis/stock/META_aid=CD3289&a_bid=6aeoso5b6f7
Meta shares pop 15% to 52-week high on guidance, sales increase
META is having a great day, but the GDP & other macro economic data is more important & that is sluggish which will give the FED plenty to talk about at their meeting next week.Dow Jones Industrials
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