Crypto under pressure, Good Buy or Goodbye: Market Domination
On today's episode of Market Domination, Hosts Julie Hyman and Josh Lipton discuss major market trends from Nvidia's (NVDA) slowdown to Novo Nordisk's (NVO) plans to expand manufacturing capabilities of its GLP-1 weight-loss drugs. As Nvidia continues on its downward trajectory after leading the S&P 500's (^GSPC) growth, B. Riley Wealth Chief Market Strategist Art Hogan believes the market can keep up its momentum without the chip giant: "I think it's a perfect example of a lot of folks being concerned that Nvidia and arguably Nvidia, Microsoft (MSFT), and Apple (AAPL) were such a big part of the 15% that the S&P 500 is higher this year on a year to date basis... But you're seeing basically three or four days where Nvidia has not been leading the charge, and the market's done very well. I think that continues throughout the second half of this year." The European Union has charged Apple under its Digital Markets Act, alleging that the tech giant's App Store practices prevent app developers from directing consumers to cheaper services. TECHnalysis Research President and Chief Analyst Bob O'Donnell believes the investigation is unlikely to conclude anytime soon, and that Apple will have to make some changes: "I do think Apple is going to have to make some tweaks, some things that they don't necessarily want to do, but at the end of the day, again, it's an important enough market that they're going to have to follow some of these requirements that the EU is putting into place. And therefore, long term, I don't think the impact is that big of a deal as far as the value of the company and the way people view the stock." Cryptocurrencies are also under pressure, with bitcoin (BTC-USD) having its worst trading day since March. Meanwhile, the health industry is making major moves, as Altimmune (ALT) reported positive results in Phase 2 trials for its weight-loss drug, a Teladoc Health (TDOC) study showed its AI models contributed to positive growth in diabetes management, and Novo Nordisk revealed plans to invest $4.1 billion in building out a manufacturing facility in Clayton, North Carolina for its GLP-1 weight-loss drugs. This post was written by Melanie Riehl
