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Business Standard
8 hours ago
- Business
- Business Standard
Wall Street Mixed as Tariff News Boosts Apple but Trade Concerns and Sector Losses Weigh
Nasdaq rises on tech strength, but Dow and S&P slip amid weak pharma and oil service stocks; Apple jumps on $100B U.S. investment pledge. Tech-heavy Nasdaq climbed 73.27 points (0.4%) to 21,242.70, the S&P 500 edged down 5.06 points (0.1%) to 6,340.00 and the Dow fell 224.48 points (0.5%) to 43,968.64. Wall Street opened strong after President Donald Trump announced a 100% tariff on imported semiconductors and chips, exempting companies manufacturing in the U.S. Apple gained 3.2% as CEO Tim Cook confirmed a $100 billion U.S. investment, but gains faded amid concerns over broader trade policy impacts. Intel fell 3% after Trump urged CEO Lip Bu Tan to resign, calling him highly conflicted. Labor Department released a report showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended August 2nd. It also said initial jobless claims climbed to 226,000, an increase of 7,000 from the previous week's revised level of 219,000. It also released a separate report showed a significant rebound by labor productivity in the second quarter. Most of the major sectors ended the day showing only modest moves, pharmaceutical stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Pharmaceutical Index down by 2.1% to its lowest closing level in nearly three months. Eli Lilly (LLY) led the sector lower, plunging by 14.1% despite reporting better than expected second quarter results and raising its full-year guidance. Results from a late-stage trial of the company's obesity pill seemingly disappointed investors. Oil service stocks was considerably weak amid a decrease by the price of crude oil, with the Philadelphia Oil Service Index falling by 1.4%. Software and transportation stocks was notably weak while semiconductor, utilities and computer hardware stocks turned in strong performances. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.7% while China's Shanghai Composite Index crept up by 0.2%. The major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index slid by 0.7%, the French CAC 40 Index jumped by 1.0% and the German DAX Index shot up by 1.1%. In the bond market, treasuries moved to the downside over the course of the session. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, rose 2.4 bps to 4.24%.
Time of India
01-08-2025
- Business
- Time of India
Trump pressures 17 pharma CEOs to cut US drug prices
Donald Trump has asked major pharmaceutical companies to lower US drug prices. He wants them to match the prices paid in other countries. Trump sent letters to companies like Eli Lilly and Pfizer. He wants them to offer the best prices to Medicaid patients. Trump has given the companies time until September 29 to respond. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas, the White House said on signed a sweeping executive order in May demanding drugmakers cut U.S. medicine prices to match those abroad, saying that if companies did not comply, the government could use rulemaking to bring prices down or pursue other measures, such as importing cheaper medicines from sent the letters to the chief executives of Eli Lilly , Sanofi, Regeneron, Merck & Co , Johnson & Johnson, and AstraZeneca , among others, the White House said."Most proposals my Administration has received to 'resolve' this critical issue promised more of the same; shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry," Trump wrote in the letters, copies of which were posted on his Truth Social of Pfizer , Eli Lilly and Gilead Sciences closed down about 2% each, while the NYSE Arca Pharmaceutical Index fell 3% on called on drugmakers to provide so-called most-favored-nation prices to every patient enrolled in the government Medicaid health program for low-income people, and to guarantee such pricing for new policy is aimed at cutting U.S. prescription drug prices to the lowest possible price paid by members of the Organisation for Economic Co-operation and Development, which includes most of the world's largest also said companies must return excess overseas revenue from raising prices in other countries to offset lower prices in the U.S. to American patients and taxpayers through an agreement with the is requiring drugmakers to stipulate they would not offer other developed nations better prices than what they offer the United States, and said his administration would provide ways to cut out middlemen and sell directly to patients, provided they do so at most-favored-nation gave companies until September 29 to respond with binding commitments to those terms."If you refuse to step up, we will deploy every tool in our arsenal to protect Americans from abusive drug pricing practices," he lobbyists and drug pricing experts said it seemed unlikely that the pharmaceutical companies would comply with Trump's demand to lower U.S. prices."I might expect them to try to determine if any of their current products might be made available via direct sales (one of the requests) at a lower price than currently available in the U.S.," said Stacie Dusetzina, professor of health policy at Nashville's Vanderbilt analyst Trung Huynh said Trump's letters were a repeat of earlier demands and played down any likely industry impact, calling it "just another shot in the dark."Trump has already pushed for voluntary changes and some companies have pledged to build new U.S. manufacturing plants.U.S. patients pay by far the most for prescription medicines, often nearly three times more than in other developed nations. The country also invests heavily in pharmaceutical research and development. Drugmakers have said drastic price cuts would stifle companies including Pfizer, Novartis , AbbVie, and German Merck KGaA's U.S. division, EMD Serono, said they were open to working with the Trump is working closely with the Trump Administration and Congress to improve access and affordability for American patients, said spokeswoman Amy Rose. "Our discussions have been productive," she said.
Business Times
01-08-2025
- Business
- Business Times
Trump pressures 17 pharma CEOs to cut US drug prices
[WASHINGTON] President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash US prescription drug prices to match those paid overseas, the White House said on Thursday. Trump signed a sweeping executive order in May demanding drugmakers cut US medicine prices to match those abroad, saying that if companies did not comply, the government could use rulemaking to bring prices down or pursue other measures, such as importing cheaper medicines from overseas. Trump sent the letters to the chief executives of Eli Lilly, Sanofi, Regeneron, Merck & Co, Johnson & Johnson and AstraZeneca, among others, the White House said. 'Most proposals my Administration has received to 'resolve' this critical issue promised more of the same; shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry,' Trump wrote in the letters, copies of which were posted on his Truth Social account. Shares of Pfizer, Eli Lilly and Gilead Sciences closed down about 2 per cent each, while the NYSE Arca Pharmaceutical Index fell 3 per cent on Thursday. Trump called on drugmakers to provide so-called most-favoured-nation prices to every patient enrolled in the government Medicaid health programme for low-income people, and to guarantee such pricing for new drugs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The policy is aimed at cutting US prescription drug prices to the lowest possible price paid by members of the Organisation for Economic Co-operation and Development, which includes most of the world's largest economies. Trump also said companies must return excess overseas revenue from raising prices in other countries to offset lower prices in the US to American patients and taxpayers through an agreement with the government. He is requiring drugmakers to stipulate they would not offer other developed nations better prices than what they offer the United States, and said his administration would provide ways to cut out middlemen and sell directly to patients, provided they do so at most-favoured-nation prices. Trump gave companies until Sept 29 to respond with binding commitments to those terms. 'If you refuse to step up, we will deploy every tool in our arsenal to protect Americans from abusive drug pricing practices,' he warned. Analysts, lobbyists and drug pricing experts said it seemed unlikely that the pharmaceutical companies would comply with Trump's demand to lower US prices. 'I might expect them to try to determine if any of their current products might be made available via direct sales (one of the requests) at a lower price than currently available in the US,' said Stacie Dusetzina, professor of health policy at Nashville's Vanderbilt University. UBS analyst Trung Huynh said Trump's letters were a repeat of earlier demands and played down any likely industry impact, calling it 'just another shot in the dark.' Trump has already pushed for voluntary changes and some companies have pledged to build new US manufacturing plants. US patients pay by far the most for prescription medicines, often nearly three times more than in other developed nations. The country also invests heavily in pharmaceutical research and development. Drugmakers have said drastic price cuts would stifle innovation. Pharmaceutical companies including Pfizer, Novartis, AbbVie and German Merck KGaA's US division, EMD Serono, said they were open to working with the Trump administration. Pfizer is working closely with the Trump Administration and Congress to improve access and affordability for American patients, said spokeswoman Amy Rose. 'Our discussions have been productive,' she said. REUTERS
The Sun
01-08-2025
- Business
- The Sun
Trump pressures 17 pharma CEOs to cut US drug prices
WASHINGTON: President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas, the White House said on Thursday. Trump signed a sweeping executive order in May demanding drugmakers cut U.S. medicine prices to match those abroad, saying that if companies did not comply, the government could use rulemaking to bring prices down or pursue other measures, such as importing cheaper medicines from overseas. Trump sent the letters to the chief executives of Eli Lilly , Sanofi, Regeneron, Merck & Co , Johnson & Johnson, and AstraZeneca, among others, the White House said. 'Most proposals my Administration has received to 'resolve' this critical issue promised more of the same; shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry,' Trump wrote in the letters, copies of which were posted on his Truth Social account. Shares of Pfizer, Eli Lilly and Gilead Sciences closed down about 2% each, while the NYSE Arca Pharmaceutical Index fell 3% on Thursday. Trump called on drugmakers to provide so-called most-favored-nation prices to every patient enrolled in the government Medicaid health program for low-income people, and to guarantee such pricing for new drugs. The policy is aimed at cutting U.S. prescription drug prices to the lowest possible price paid by members of the Organisation for Economic Co-operation and Development, which includes most of the world's largest economies. Trump also said companies must return excess overseas revenue from raising prices in other countries to offset lower prices in the U.S. to American patients and taxpayers through an agreement with the government. He is requiring drugmakers to stipulate they would not offer other developed nations better prices than what they offer the United States, and said his administration would provide ways to cut out middlemen and sell directly to patients, provided they do so at most-favored-nation prices. Trump gave companies until September 29 to respond with binding commitments to those terms. 'If you refuse to step up, we will deploy every tool in our arsenal to protect Americans from abusive drug pricing practices,' he warned. Analysts, lobbyists and drug pricing experts said it seemed unlikely that the pharmaceutical companies would comply with Trump's demand to lower U.S. prices. 'I might expect them to try to determine if any of their current products might be made available via direct sales (one of the requests) at a lower price than currently available in the U.S.,' said Stacie Dusetzina, professor of health policy at Nashville's Vanderbilt University. UBS analyst Trung Huynh said Trump's letters were a repeat of earlier demands and played down any likely industry impact, calling it 'just another shot in the dark.' Trump has already pushed for voluntary changes and some companies have pledged to build new U.S. manufacturing plants. U.S. patients pay by far the most for prescription medicines, often nearly three times more than in other developed nations. The country also invests heavily in pharmaceutical research and development. Drugmakers have said drastic price cuts would stifle innovation. Pharmaceutical companies including Pfizer, Novartis , AbbVie, and German Merck KGaA's U.S. division, EMD Serono, said they were open to working with the Trump administration. Pfizer is working closely with the Trump Administration and Congress to improve access and affordability for American patients, said spokeswoman Amy Rose. 'Our discussions have been productive,' she said-REUTERS
Business Standard
30-07-2025
- Business
- Business Standard
Wall Street Pulls Back Ahead of Fed Decision; Global Markets Mixed, Sector Rotation Evident
Investors locked in profits as major U.S. indexes retreated from record highs. Caution prevails ahead of the Fed's policy update, key earnings, and trade talks while global markets show mixed trends and sector performances diverge. The Dow fell 204.57 points (0.5%) to 44,632.99, the Nasdaq declined 80.29 points (0.4%) to 21,098.29 and the S&P 500 dipped 18.91 points (0.3%) to 6,370.86. Wall Street's pullback likely reflected profit-taking after a strong rally that pushed the Nasdaq and S&P 500 to record highs. Traders remained cautious ahead of Wednesdays Federal Reserve policy announcement. While no rate change is expected, the Feds guidance could influence future rate outlooks. In the coming days, focus will shift to the Labor Departments monthly jobs report and earnings from key Magnificent Seven firms like Apple, Amazon, Microsoft, and Meta. Meanwhile, U.S.-China trade talks in Stockholm remain under close watch ahead of Fridays reciprocal tariff deadline. President Trump warned that countries without individual trade deals may face tariffs of 15 to 20% on exports to the U.S., heightening global trade tensions. The Conference Board released a report showing consumer confidence in the U.S. saw a modest improvement in the month of July. It said that its consumer confidence index rose to 97.2 in July after falling to a revised 95.2 in June. The Labor Department released a separate report showing job openings in the U.S. decreased by slightly less than expected in the month of June. Pharmaceutical stocks substantial moved downwards on the dragging, dragging the NYSE Arca Pharmaceutical Index down by 2.6%. Transportation stocks was significantly weak, as reflected by the 2.3% slump by the Dow Jones Transportation Average. Oil service and steel stocks too saw some weakness while commercial real estate, natural gas and utilities stocks strongly moved upwards. Asia-Pacific stocks turned in another mixed performance Japan's Nikkei 225 Index slid by 0.8% while China's Shanghai Composite Index rose by 0.3%. The major European markets have all moved to the upside on the day. The German DAX Index jumped by 1.0%, the French CAC 40 Index advanced by 0.7% and the U.K.'s FTSE 100 Index climbed by 0.7%. In the bond market, treasuries moved notably higher following the weakness seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 9 bps to 4.33%.
