Good evening and welcome to Markets Desk.
Viking Therapeutics is turning heads on Wall Street after fresh trial data on its weight-loss drug showed rapid and meaningful reductions in body weight among obese patients. The numbers have analysts reassessing the competitive landscape in the GLP-one space, where the stakes are measured in tens of billions.
Shifting to defense, Anduril is not alone in racing to replace the aging MQ-nine Reaper. The Air Force is actively developing what it calls the Massed Modular Aircraft, a cheaper reconnaissance-and-strike platform, and multiple private contractors are now competing for that contract. The message from the Pentagon is clear — they want scale at lower cost.
And on the broader market, the Buffett Indicator, which measures total stock market capitalization against GDP, is sitting at an all-time high right now. One hundred fifty-five years of historical data suggest that when this ratio stretches this far, drawdowns tend to follow. The debate on the floor is not whether valuations are stretched — most agree they are — but how long stretched can last.
That's the tape. Markets Desk, signing off the floor.
