S&P 500 Declines With Renewed Trade Tensions Dampening Sentiment
The S&P 500 Index declined 0.4% as of 9:34 a.m. in New York, as the technology-heavy Nasdaq 100 Index also fell 0.4%. MSCI Index rebalancing and month-end flows are poised to amplify an already volatile session for US stocks.
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HSBC Raises Novo Nordisk (NVO) Price Target on Oral Semaglutide Market Share Boost
Novo Nordisk A/S (NYSE:NVO) is one of the best falling stocks to buy now. On August 7, HSBC maintained a 'Hold' rating on Novo Nordisk and lifted the price target to 355 Danish Krone (DKK) from DKK340. HSBC increased the price target because it raised its estimates for the market share of oral semaglutide. Semaglutide is a pill that helps people with type 2 diabetes or obesity manage their condition. Novo Nordisk sells oral semaglutide for diabetes under the brand name Rybelsus. Pixabay/Public Domain HSBC projects that peak sales for the drug could exceed DKK15 billion ($2.34 billion) after 2034. The bank kept the 'Hold' rating on the stock due to 'ongoing concerns about market size' and 'overhang compounders.' The analysts identified a potential 'upside' for the stock if there is a recovery in Wegovy prescriptions in the U.S. Novo Nordisk A/S (NYSE:NVO) is a Danish global healthcare company. It develops and manufactures pharmaceutical products for chronic diseases, with a primary focus on diabetes, obesity, and rare blood and endocrine disorders. The company's portfolio includes GLP-1 therapies, such as Ozempic and Wegovy, as well as insulin and growth hormone treatments. While we acknowledge the potential of NVO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Best Copper Stocks to Buy According to Hedge Funds and 10 Best EV Penny Stocks to Buy According to Hedge Funds. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
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Trump debanking order will have limited impact on crypto, experts say
Last week, US President Donald Trump issued an executive order directing bank regulators to rescind guidance that could lead to 'politicised or unlawful debanking.' Crypto businesses, and even some prominent conservatives — including the president himself — have alleged they were denied or lost access to bank accounts at the behest of politically-motivated, Biden-era regulators. But last week's executive order, entitled, 'Guaranteeing Fair Banking for All Americans,' won't do much for crypto businesses that fear they've been locked out of the traditional financial system, according to experts who spoke to DL News. That's because the order does little to root out 'reputation risk.' The term refers to regulators' ability to dissuade banks from engaging supposedly controversial customers, such as pornographers, firearms manufacturers, payday lenders, and crypto companies. Critics of the practice say that banks should only consider objective criteria, such as a customer's financial risk, when deciding whether to offer someone a checking account. Guidance documents and manuals 'This is going to make people happy who have been asking for it, but it's not clear how much good it's going to do them,' Dru Stevenson, a professor at South Texas College of Law Houston, told DL News. The executive order directs bank regulators to remove the use of reputation risk 'or equivalent concepts' that could result in 'politicized or unlawful debanking' from their 'guidance documents, manuals, and other materials.' But it isn't clear that examples of debanking were motivated by politics, according to Stevenson. 'It's not clear to me that they couldn't still allow for reputational risk that would apply to, say, an AI company, because that's not exactly a political issue or something that's unlawful,' he said. And reputation risk can have a downstream effect on banks' profits. 'If you have risk averse investors at one of the gigantic pension funds, or mutual funds, and they find out that Wachovia has gone gung ho about crypto, that might be a reason for them to switch to a more conservative bank,' Stevenson said. Moreover, banks were always free to ignore guidance documents and manuals according to Stevenson. As such, removing references to reputation risk from such documents will likely have little practical effect. 'If you're an agency, you can't go into court and say, 'This person violated our guidance document,'' he said. 'You have to show that they violated the statute or that they violated a codified regulation that went through notice and comment rulemaking.' Management reports Julie Hill, the dean of the University of Wyoming's law school, noted that Trump-appointed bank regulators have already said they will stop using reputation risk. While the regulators have new leadership, they are largely staffed by the same people who served under the Biden administration, Hill added. And reputation risk isn't the only tool regulators can use to pressure banks to reject certain customers. Anti-money laundering laws are one reason banks often reject customers, according to Hill. 'The vast, vast majority of suspicious activity reports don't lead to any sort of follow up, let alone any sort of enforcement,' she told DL News. Moreover, banks are not allowed to tell customers that their account was flagged for suspicious activity. 'We have a situation where banks had to file one or more SARs, and they decided it's just not worth it, we should debank, because we don't want our regulators upset with us, and it's getting expensive to file all these SARs.' Another tool at regulators' disposal: management reports. 'If a regulator suggests to a bank, 'We think this is risky, maybe you want to stop doing it' [but] it's not really that risky, banks might do it anyway,' Hill said, 'because their management rating will get downgraded and then that impacts all sorts of things, including their capital requirements.' Those ratings are also secret, according to Hill. 'Anytime you see a really broad authority with very little limit, and then also a lot of secrecy or lack of transparency about how regulators or banks implement that, you're likely to set up claims for debanking,' she said. Banks' responsibility The executive order also directs the regulators to identify financial institutions that had any 'past or current, formal or informal, policies or practices that require, encourage, or otherwise influence … politicized or unlawful debanking.' Finding examples of politically-motivated debanking could be straightforward if the orders came from federal regulators, according to Hill. 'It's a much harder thing if what you think happened is the banks, for whatever reason, just decided to debank people for political reasons, unconnected with risk or profit or whatever,' she said. 'There's a real question about how we think regulators are going to figure that out and whether we think there's any duty on the bank to voluntarily disclose it.' Whatever the effect of the executive order, both professors agreed that a new administration could reinstate the use of reputation risk unilaterally. 'It kind of highlights how unsticky changes made by the executive branch are when it comes to discretionary enforcement,' Hill said. 'This is one of those things that can change from administration to administration.' Stevenson agreed. 'If we ever get to have other presidents, the next president can just do another executive order and put it all back, like, overnight,' Stevenson said. Aleks Gilbert is DL News' New York-based DeFi correspondent. 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Breaking: S&P, Nasdaq Hit Records as Tech Stocks Ignite Rally
Aug 13 - Wall Street stayed in rally mode Wednesday, with the Dow Jones Industrial Average jumping 292 points (+0.7%) and both the S&P 500 and Nasdaq Composite climbing 0.2% to fresh record highs. Optimism is running high as traders see a 99% chance of a Federal Reserve rate cut in September, helped by cooler-than-expected inflation data earlier this week. Warning! GuruFocus has detected 6 Warning Signs with AMD. Tech was the star of the session, with Advanced Micro Devices (NASDAQ:AMD) surging over 6% and Apple (NASDAQ:AAPL) adding about 1%. The communication services and technology sectors both hit record levels, with Meta Platforms (NASDAQ:META), Electronic Arts (EA), and Live Nation (NYSE:LYV) notching new highs alongside Broadcom (NASDAQ:AVGO) and Lam Research (LRCX). Earnings season remains a driver, with upbeat commentary on corporate resilience despite summer headwinds. Meanwhile, AvalonBay Communities (AVB) gained after a Morgan Stanley upgrade, and Capri Holdings (NYSE:CPRI) jumped on a bullish call from JPMorgan. In deal news, Hanesbrands (NYSE:HBI) slipped after agreeing to be acquired by Gildan Activewear (NYSE:GIL) for $6 per share. The next catalysts: Thursday's producer price index report and the Fed's Jackson Hole meeting later this month. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
