Eli Lilly stock hit a new record high yesterday as the company continues to record a surge in sales for its buzzy diabetes drug Mounjaro
Sales of Mounjaro, which has also gained popularity for weight loss, came in at $979.7 million for the second quarter, up from $16 million a year earlier when it was introduced (2Q results were publichsed 2 weeks ago). That helped the drug company post higher-than-expected sales for the second quarter. Novo Nordisk is also surfing on the strong demand for a similar weight loss blockbuster
Bitcoin's correlation to the sp500 has shown signs of breaking down Lower correlation boosts BTC's diversification potential
Source: Game of trades
Bespokeinvest posted: "Here's one way to think about investing in equities and "buy and hold."
Casinos make money by making sure bettors eventually lose more often than they win. The stock market is the opposite. The longer you play, the better your odds. Historically, the odds of the S&P 500 being up over any one-month time frame have been 62.6%. Over a year, the odds of being up jump to 74.6%, and over eight years, they jump to 97%. Since 1928, all 16+ year time frames have seen positive returns. Check out this chart Bespokeinvest created to help people visualize this data a couple of years ago (updated through July 2023):
S&P 500 to 10-year note ratio is going parabolic
Source: barchart, The Daily Shot
US equities: absolute & relative valuations offer a different perspective
•On the positive side, market (absolute) valuations have improved as stock prices have dipped and earnings have held up •On the negative side, the rise in bond yields imply a lower Equity Risk Premium (ERP), now at 39bps (19-year low), i.e equities are more expensive vs. bonds than at the start of the Summer... Source: Edward Jones, BofA
48pct of global stocks are BELOW pre-covid levels
Source: BofA
More than 80% of SP500 companies that have reported so far have beaten profit expectations but the returns are setting this up to be one of the worst earnings seasons over the last 11 years
Source: Bloomberg
Bonds and stocks are tanking together... Are Chinese banks selling US Treasuries to 'fund' their yuan intervention?
Source: Bloomberg, www.zerohedge.com
