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Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.
Walmart said it’s already seeing an impact on shopping demand from people taking Ozempic. That sent shares of food and beverage companies sliding, some to multiyear lows. Source: Bloomberg, TME
In case you missed it. Citigroup $C yesterday closed at its lowest price since the onset of Covid...
Source: barchart
EXTREME FEAR ?
-> Stock Market Fear & Greed Index falls to 16, the most fearful its been in the last year. Meanwhile, only 8% of $SPX stocks are currently trading above their respective 50-day moving averages, representing a 2%ile move over the last decade... Source: barchart
Arm takes the spotlight as the largest 2023 IPO, a year that has been almost deathly quiet for I.P.O.s.
The chip designer, which is owned by SoftBank, had priced its offering at $51 a share, raising $4.87B. Source: Genuine Impact
On a growth-adjusted basis, the mega caps trade at the largest discount to the median S&P 500 stock in over six years
Source: TME, Goldman Sachs
We have seen one of the fastest drops in equity positioning since early 2022. Time to think about the upside pain trade?
Source: TME, DB
Last time global stocks had a longest streak of losses than the one we're in currently was 12 years ago
Source: Bloomberg, David Ingles
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