Closing Bell: Memory Leads Stocks Higher Ahead of Trump Speech

• Markets ended the day green, with memory-related stocks rallying
• Nike (NKE) plunged after a disappointing earnings report
• Eli Lilly (LLY) sees diverse approvals for GLP-1 drugs

 Markets made modest gains ahead of President Trump’s speech to update Americans on the Iran War tonight. Gold was up over 4%, Bitcoin was in the green, and oil prices fell around 2%. The PMI report was in-line with expectations at 52.3, while the ISM Services beat slightly at 52.7.

Nike (NKE) was down around 15% after its earnings report Tuesday afternoon, which disappointed the Street. The company’s turnaround is taking longer than hoped, and critically, they are still struggling in the Chinese market. Competition at home and abroad as well as a stressed consumer are both hitting the iconic shoemaker.

Eli Lilly (LLY) adds another twist to the GLP-1 saga: the FDA approved its once-daily pill for weight loss. Competitor Novo Nordisk (NVO) already sells a pill form. Doses will start at $25/month for patients with insurance coverage and $149 for out-of-pocket. Yesterday, Eli Lilly announced the acquisition of a company working on narcolepsy treatments as its GLP-1 Zepbound was approved for use with sleep apnea.

Microchip and memory-related stocks saw a boost on end-of-war hopes, with Western Digital (WDC), SanDisk (SNDK), Intel (INTC) and Micron (MU) all seeing gains around the 10% level. Some analysts hope the market will return to the tech trade after geopolitical conflict cools.

Tomorrow’s Economic Data

• Motor Vehicle Sales
• 7:30 AM ET: Challenger Job Cut Report
• 8:30 AM ET: Intl. Trade in Goods & Services, Jobless Claims
• 10:15 AM ET: Fed’s Logan Speaks
• 10:30 AM ET: EIA Natural Gas Report
• 1:00 PM ET: Baker-Hughes Rig Count
• 4:30 PM ET: Fed Balance Sheet

Tomorrow’s Earnings

Premarket

• AYI, LNN

Postmarket

• None

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