Tonight’s Highlights | Novo Nordisk’s Market Value Evaporates Over $400 Billion, Dollar Surges to Near 5-Week High
Before the week’s main event kicks off, U.S. stocks faced an unexpected jolt Tuesday from weight-loss giant Novo Nordisk. This sharp, localized swing hints that the recently stagnant U.S. market could soon face turbulent waves.
Pre-market Tuesday, the former “European stock king” Novo Nordisk slashed its full-year guidance, triggering a wild drop of over 26%—plunging past its three-year low.
(Novo Nordisk daily chart, source: TradingView)
In contrast, the broader market held steady. As of this writing, Nasdaq 100 futures (2409 contract) rose 0.37%, S&P 500 futures up 0.17%, and Dow futures up 0.02%. Including Monday, the S&P 500 has seen 23 straight trading days with moves under 1%.
“Global stock king” Nvidia continued its leadership, climbing over 1% pre-market on demand rumors, poised to hit new highs again.
(Nvidia daily chart, source: TradingView)
Meanwhile, the dollar strengthened amid shifting market focus, reaching a near 5-week peak.
Derek Halpenny, global market research head at Mitsubishi UFJ Financial Group, noted, “At least for now, forex participants have shifted attention from trade uncertainty to U.S. economic resilience, prompting some to unwind dollar short positions built up earlier this year.”
(Dollar index daily chart, source: TradingView)
As mentioned, today’s volatility is just the appetizer for the week. Starting Wednesday, the Bank of Japan and Fed rate decisions, Apple’s mega-earnings, and key U.S. non-farm payrolls and PCE inflation data will roll out.
Adding to the week’s twists, U.S. tariff policy legality faces a court test by July 31, ahead of the “August 1 tariff effective date.”
Other Market News
Weight-Loss Giant Novo Nordisk Halves Guidance, Stock Plummets
Pre-market Tuesday, Danish weight-loss leader Novo Nordisk cut its 2025 sales growth guidance from 13-21% to 8-14% and operating profit growth from 16-24% to 10-16%, citing lower U.S. GLP-1 sales and asset impairment.
The news hammered its U.S. stock, which fell 26% pre-market and remains down over 20%, wiping out over $60 billion (about ¥430 billion) in market value in two hours. Novo Nordisk also named executive VP Maziar Mike Doustdar as its new CEO.
NYC Shooting Hits Blackstone Exec, Claims Life
Reports from Xinhua and Global Times say a gunman with a rifle attacked 345 Park Avenue, Manhattan, Monday evening, killing five including himself and injuring others. This building houses Blackstone Group’s global HQ and NFL offices.
Latest pre-market reports confirm Blackstone exec Wesley Lapatin, core+ real estate global head and BREIT CEO, was among the deceased. Earlier, Blackstone president Jonathan Gray and CEO Schwarzman called it “unimaginable,” marking “the worst day in company history.” Insiders say the office will close Tuesday.
Berkshire Dumps Third of VeriSign Stake
U.S. domain provider VeriSign says Warren Buffett’s Berkshire Hathaway sold a third of its stake, netting $1.23 billion. Pre-market, VeriSign dropped 6.61%.
Fourth-Largest Carmaker Foresees €1.5B Tariff Hit
Stellantis, the world’s fourth-largest carmaker, reported a €2.3 billion net loss for H1 2025 (vs. €5.6 billion profit in H1 2024) and pegged 2025 net tariff impact at €1.5 billion, with €300 million already felt.
P&G to Raise Prices Amid Trump Tariffs
Procter & Gamble announced Tuesday it will hike prices on about a quarter of its U.S. products this month to offset Trump’s new tariffs.
Nomura Holdings Profit Soars 52%
Pre-market, Nomura Holdings rose over 3% after reporting a 104.6 billion yen profit for April-June, up 52% year-over-year, boosted by a 56 billion yen pre-tax gain from selling Tokyo property.
Boeing Narrows Q2 Net Loss
Boeing’s Tuesday report showed Q2 revenue at $22.749 billion, up 35% year-over-year, with a net loss of $611 million (vs. $1.436 billion last year). Backlog hit $619 billion, including over 5,900 commercial planes. Pre-market, it rose 1.29%.