The stock market grew on Tuesday as new economic data shows signs of cooling in the labor market. This was the third consecutive session that Wall Street closed higher.
The latest Job Opening and Labor Turnover Survey (JOLTS) report disclosed that there were 8.8 million job openings at the end of July, a decline from the 9.16 million job openings in June.
Overall, S&P 500 rose 1.5% to 4,498, while NASDAQ increased 1.7% to 13,944.
Tweet of the Day
Current unrealized losses in the US banking system is -$1.8 trillion out of only $2.2 trillion capital
With corporate taxes due Sep 15 & possible gov shutdown Oct 2, the general public has no idea the banks are already insolvent entering a nightmare liquidity scenario in October https://t.co/aS0GoAomoI pic.twitter.com/rNttNxd7jB
— Financelot (@FinanceLancelot) August 29, 2023
Chart of the Day
Here is the one-year chart of Eli Lilly (LLY) as of August 17, 2023, when the stock was at $538.
Eli Lilly discovers, develops, manufactures, and markets human pharmaceuticals to approximately 120 countries worldwide. Its products are therapies for diabetes, oncology, immunology, and neuroscience.
LLY’s Mounjaro is similar to Wegovy, thus investors think Mounjaro could help diabetics, provide weight loss, and also reduce heart risk. Mounjaro sales jumped to $980 million during the quarter, up from only $16 million a year ago. But the drug is approved for Diabetes use, not weight loss. If the FDA approves Mounjaro for weight loss — possibly this year — it will join Wegovy as the only two drugs approved for this treatment. In addition, the company has an Alzheimer’s treatment in Donanemab that slows the cognitive decline with people in the early stages of the disease.
LLY is part of the Conservative Growth Portfolio.
