Good afternoon and welcome to Markets Desk.
Semiconductor stocks are firmly in bear market territory, with the sector down more than twenty percent from recent highs. Bank of America is urging investors to hold steady, noting that chips have a historical pattern of underperforming in the third quarter before recovering, and that this looks more like a cyclical reset than a structural breakdown.
Staying in the equity space, Eli Lilly continues its remarkable run, and while GLP-one weight loss drugs get most of the headlines, analysts point to a deeper story — the company's pipeline discipline, pricing power, and manufacturing scale are building a durable earnings foundation that goes well beyond any single drug category.
And in what may be the most unusual auction result of the year, Nvidia chief Jensen Huang's signature black leather jacket fetched nine hundred sixty thousand dollars at Sotheby's. The proceeds go toward supporting young technology builders through philanthropy. It is a striking cultural moment — the jacket of a man who has come to symbolize the AI era now worth nearly one million dollars to a single bidder.
That's the tape. Markets Desk, signing off the floor.
