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Tuesday, December 23

Noteworthy macro moves today: Copper +2.0%. USD/CNH -0.2%. Gold +1.0%. Noteworthy US mega-cap moves today: Eli Lilly and Co (LLY) -1.3%. 

Global equity markets are trading lower as investors react to a series of economic data releases from the U.S. that exceeded expectations, particularly the Q3 GDP growth rate, which surged to an annualized rate of 4.3%, significantly higher than the forecasted growth of 3.3%. This strong performance has raised concerns about inflation, especially with accompanying data indicating an increase in the GDP deflator, prompting market participants to reassess potential Federal Reserve monetary policy adjustments.

In addition to the GDP figures, corporate profits in the U.S. also showed robust growth, rising by 10.5% year-over-year in Q3, further supporting positive sentiment despite inflationary pressures. However, this optimism is tempered by disappointing durable goods orders data, which fell by 2.2% in October, worse than expected and highlighting ongoing weaknesses in consumer demand and manufacturing activity.

Meanwhile, Canadian economic indicators revealed a contraction of 0.3% in October's GDP, while November is projected to show slight recovery with an estimated increase of 0.1%. This mixed economic backdrop contributes to cautious market sentiment as traders navigate through holiday-thinned volumes and geopolitical uncertainties affecting broader market dynamics.

SPDR Gold Shares (GLD) [+1.2%]
SPDR Gold Shares (GLD) has experienced a price increase of 1.2% in the pre-market session on Tuesday. Gold prices have surged recently, surpassing $4,500 per ounce for the first time, reflecting a notable rise driven by geopolitical tensions and economic uncertainty. The demand for safe-haven assets has intensified, with gold appreciating significantly over the past month and year-to-date. Silver has also seen a rise of approximately 1.72%, which may correlate with the movement in GLD. Social media discussions highlight excitement among traders regarding gold's record high and ongoing trends in precious metals. Market participants are closely monitoring expectations of potential interest rate cuts by the US Federal Reserve, which could further bolster gold prices as they reduce the opportunity cost of holding non-yielding assets.

iShares MSCI Japan ETF (EWJ) [+1.2%]
The iShares MSCI Japan ETF (EWJ) has experienced a daily return of +1.22%, coinciding with the Nikkei 225 index's recent surge of over 1,400 points, closing above the 50,400-point mark. The Bank of Japan reported a Core Consumer Price Index (YoY) of 2.2%, aligning with previous estimates and suggesting stability in consumer prices. Additionally, movements in USD/JPY contributed positively to the ETF's performance. Key holdings such as SONY, MUFG, and TAK provided notable returns, while TM slightly detracted from overall performance. Meanwhile, gold prices have reached record highs amid geopolitical tensions and inflation concerns, potentially influencing the attractiveness of Japanese equities as a safe haven. The AUD/USD currency pair has also risen, reflecting broader market movements that may correlate with EWJ's price action.

NVO | +8.6% | +14.9B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S shares have surged following the FDA's approval of its Wegovy pill, the first oral GLP-1 receptor agonist for weight management. Announced on December 22, 2025, the approval was based on the OASIS 4 trial, which demonstrated a mean weight loss of 16.6% among participants with obesity or overweight. The Wegovy pill is set to launch in the U.S. in early January 2026, priced at $149 per month. This development enhances Novo Nordisk's position in the competitive weight-loss market, particularly against rivals like Eli Lilly. Social media discussions celebrated the approval and noted that Novo Nordisk's stock had increased significantly after hours, with pre-market trading indicating further gains. The approval is viewed as a pivotal moment for Novo Nordisk, potentially expanding its customer base in the weight-loss segment.

HII | +2.1% | +304.5M
Huntington Ingalls Industries Inc | Aerospace & Defense
Huntington Ingalls Industries Inc (HII) shares have increased following significant announcements regarding U.S. naval expansion. A report indicates that President Trump will unveil plans for a new "Trump-class" battleship as part of the "Golden Fleet" initiative, which led to a notable rise in shares during after-hours trading. The company is also involved in the construction or readiness of 15 submarines, contributing to a positive market response. In premarket trading, shares experienced further gains. Social media discussions have highlighted interest in the "Trump-class" battleships and noted the stock's performance, with mentions of HII's recent price increase. However, it has been cautioned that the proposal for these battleships has yet to receive approval.

RKLB | -5.9% | -2.1B
Rocket Lab USA Inc | Aerospace & Defense
Rocket Lab USA Inc. has secured its largest contract to date, valued at $816 million, from the U.S. Space Development Agency to design and manufacture 18 satellites for missile-warning and tracking systems. This announcement coincided with the successful launch of the company's 21st Electron rocket this year. Rocket Lab reported adjusted gross margins exceeding 30% over the past two quarters, with expectations of fourth-quarter margins between 43% and 45%. Despite these operational achievements, the company recorded a net loss of $18.3 million in the third quarter, an improvement from a larger loss of $52 million the previous year. Additionally, the anticipated launch of the Neutron rocket has been postponed to 2026, leading to increased cash consumption as the company invests in development and infrastructure. On social media, Needham raised its price target for Rocket Lab from $63 to $90 while maintaining a Buy rating.

LLY | -1.2% | -12.0B
Eli Lilly and Co | Pharmaceuticals
Eli Lilly and Co (LLY) experienced a price decline of 1.2% in pre-market trading on Tuesday, following a significant event in the pharmaceutical sector. Novo Nordisk received FDA approval for its Wegovy weight-loss pill, set to enter U.S. self-pay channels in early January at a price of $149 per month. This development positions Novo Nordisk ahead of Eli Lilly in the competitive weight-loss drug market. The news coincided with a 0.66% drop in LLY's stock during after-hours trading on Monday, as social media discussions highlighted the competitive pressure from Novo Nordisk's new product offering. Additionally, there were mentions of insider activity related to ABVX, suggesting misjudgments regarding the timing of deal approvals with the French Treasury, further contributing to scrutiny surrounding Eli Lilly amidst these developments.

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