"Just yesterday, markets celebrated the latest quarter-point cut from the Federal Reserve, which lowered rates to a range of 3.5% to 3.75%. With that, the S&P 500 closed up at 6,886. The SPDR S&P 500 ETF ( SPY) closed at $687.57. The central bank also announced that it would again purchase short-term bonds, thereby driving down short-term yields. It also removed language that the labor market "remained low.""
"As noted by CNBC, "The highest dose of the drug helped patients with obesity and a type of knee arthritis lose an average of 23.7% of their body weight at 68 weeks, when analyzing all participants, including those who discontinued treatment. When evaluating only patients who stayed on the drug - essentially the best-case scenario - the highest dose delivered 28.7% weight loss on average.""
The Federal Reserve lowered its policy rate by a quarter point to a 3.5%–3.75% range and announced renewed purchases of short-term bonds to push down short-term yields. The Fed removed language that the labor market "remained low," suggesting possible easing to support jobs even if inflation remains sticky and signaling perhaps only one cut next year. Markets initially rallied, with the S&P 500 and SPY rising, but later fell after Oracle reported revenue of $16.06 billion and software sales of $5.88 billion, missing expectations and dropping about 13% despite continued buy/overweight analyst ratings. Eli Lilly’s next-generation obesity drug produced substantial weight loss and reduced knee arthritis pain in late-stage trials.
Read at 24/7 Wall St.
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