Tariff nervousness limits upside
|Bostic warning caps gains
While it caused a wobble last night stocks have overall managed to ignore the semiconductor tariff warning, but comments from the Fed’s Bostic have managed to put equities on the back foot. His warning about upward pressure on prices and the as-yet uncertain impact of tariffs are likely to land him on the naughty step in the White House, but they do reflect what everyone else appears to be thinking. Much of the euphoria around a Trump-Putin meeting has evaporated, though tech stocks are holding to most of the gains made in the wake of Apple’s announcement last night.
Eli Lilly sinks after drug disappointment
It’s not been a great week overall for pharma stocks. First there was Novo Nordisk and now rival Eli Lilly has had to disappoint investors. While it beat estimates, the less than impressive performance of a weight loss pill has soured markets on the stock’s outlook, though it has avoided the cataclysmic loss of value seen in Novo over the last year. The news has caused some investors to go bargain-shopping in Novo, as the view grows that the valuation remains attractive at these levels.
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