Good afternoon and welcome to Markets Desk, your midday read on what's moving the tape.
SpaceX delivered a striking debut on the Nasdaq, posting revenue of seven point eight billion dollars in the second quarter — nearly a billion dollars ahead of Wall Street's consensus estimate and representing ninety-two percent growth year over year. The company still ran a net loss of five hundred forty-one million dollars, but that's a meaningful improvement from the billion-dollar loss posted a year ago, and investors are clearly focused on the trajectory.
Shifting to pharmaceuticals, Novo Nordisk is under fresh pressure after its oral version of Wegovy missed expectations in trial results, rattling confidence in the pipeline that investors had been counting on to sustain the company's remarkable run. The stock has been sliding, and while management raised its full-year outlook, the pill's disappointing data is doing real damage to sentiment around the next leg of the GLP-one story.
And out of Beijing, China has launched a sweeping retroactive tax campaign targeting offshore capital flows going back decades, a move that signals deepening fiscal stress in the world's second-largest economy. The crackdown on cross-border wealth is raising serious questions about capital formation, foreign investment appetite, and the long-term implications for global asset allocation tied to Chinese exposure.
That's the tape. Markets Desk, signing off the floor.
