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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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The Wall Street Journal explores what Kamala Harris as president would mean for the economy. (the Wall Street Journal)

• Q2 GDP was shockingly strong, with today’s reading of 2.8% growth outpacing the 2.1% economists expected.
• The Japanese yen is rising while US tech stocks are falling.
• You’re in my seat: Southwest Airlines is getting rid of its open seating arrangement and shifting to assigned seats.
• 32 charts that tell you everything you need to know about markets midway through 2024 at a glance.
• The Fed should cut interest rates at next week’s meeting, according to the former president of the Federal Reserve Bank of New York.
• Bill Ackman is trying to turn social media stardom into profit.

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Here’s where the major stock market benchmarks ended:

• The S&P 500^® index (SPX) fell about 28 points (0.5%) to 5,399.22; the Dow Jones Industrial Average^® ($DJI) rose 81 points (0.2%) to 39,935.07; the NASDAQ Composite ended 161 points lower (0.9%) at 17,181.72.
• The 10-year Treasury note yield (TNX) dropped four basis points to 4.255%.
• The CBOE Volatility Index^® (VIX)declined 0.6% to 17.94.

What’s up

• IBM popped 4.36% after it crushed earnings expectations thanks to high AI bookings.
• Tesla recovered 1.97% after yesterday’s terrible day as investors continue to digest a mixed earnings report.
• ServiceNow soared 13.19% thanks to a strong earnings report that solidified the software company’s position as beneficiary of the AI trade.
• Viking Therapeutics exploded 28.31% today due to the pharma company moving its weight-loss drug into Phase 3 clinical trials.
• Airline stocks flew higher today thanks to good news from two big players. Southwest Airlines ascended 5.64% on better-than-expected earnings, while American Airlines rose 4.23% in spite of issuing a profit warning for the coming quarter.

What’s down

• Universal Music Group tumbled 23.54% after subscription and streaming revenues fell well short of analyst expectations.
• Ford plummeted 18.40% for the automaker’s worst day of trading since 2009 after it missed profit expectations and provided no positive forecast for the quarters ahead.
• Lululemon slid 9.09% thanks to a downgrade from Citi analysts from “buy” to “neutral” predicated on a sales slowdown.
• Royal Caribbean sank 7.61% after the company indicated that it’s facing a slowdown in demand.
• Edwards Lifesciences crashed 31.27% thanks to a mixed earnings report, as well as management’s guidance that sales for its key heart valve replacement therapy will sink next quarter.

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Thousands of seniors are losing coverage at local hospitals as problems plague Medicare Advantage. Lower payout rates for Medicare and Medicaid are sparking insurance companies to leave certain areas and change coverage options across the country.

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