Welcome to Markets Desk, your midday read on what's moving markets and why.
Eli Lilly is the standout earnings story today, crushing quarterly estimates and lifting its full-year revenue outlook to a range of eighty-five to eighty-seven billion dollars, up from a prior guide of eighty-two to eighty-five billion. The engine behind it is clear — Zepbound and Mounjaro continue to dominate the GLP-one space with no sign of demand cooling.
That Lilly momentum is rippling into CVS Health, which also blew past estimates and raised guidance. The pharmacy giant announced a new collaboration with Lilly that will make Zepbound available directly through the CVS Health app, a move that tightens the distribution chain and gives CVS a tangible piece of the weight-loss drug boom at a time when its insurance unit is already showing meaningful improvement.
Meanwhile, SpaceX is rattling investors despite posting a revenue beat. Shares fell as much as eleven percent in after-hours trading after the company disclosed it spent nearly sixteen billion dollars on AI infrastructure in just the past three months — well above expectations. Wall Street is wrestling with a familiar tension: extraordinary ambition funded by extraordinary spending, and no clear timeline on when the math resolves in shareholders' favor.
That's the tape. Markets Desk, signing off the floor.
