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Tuesday, August 26

Noteworthy macro moves today: Ethereum +2.9%. Oil (WTI) -1.6%. Noteworthy US mega-cap moves today: Eli Lilly and Co (LLY) +2.8%.

Recent market movements are significantly influenced by political developments and economic data releases. President Trump's dismissal of Federal Reserve Governor Lisa Cook has raised concerns about the independence of the Fed, leading to a cautious sentiment in financial markets. This action is perceived as an attempt to exert more control over monetary policy, which could impact future interest rate decisions.

In terms of economic indicators, U.S. durable goods orders fell 2.8% in July from June's revised decline of 9.4%. This was slightly better than expectations for a larger drop but still indicative of ongoing weakness in manufacturing demand due to prior front-loading before tariff implementations. Additionally, consumer confidence metrics have shown deterioration; notably, France’s index dropped to its lowest level since October 2023 amid rising pessimism regarding personal finances and unfavorable conditions for major purchases.

European equity indices are experiencing downward pressure amidst these uncertainties, with significant declines observed across various national benchmarks such as Germany's DAX and France's CAC 40 following heightened fears related to French political instability stemming from proposed budget cuts that may not receive parliamentary support ahead of upcoming votes on September 8th.

United States Oil Fund LP (USO) [-1.6%]
United States Oil Fund LP (USO) experienced premarket lows, declining significantly to $63.66, which reflects a drop of approximately 1.75%. This decline is occurring amid broader market movements in WTI crude oil prices. Concurrently, Brent oil prices have also dropped sharply following U.S. President Donald Trump's announcement of a substantial tariff threat on China concerning rare-earth magnets. Additionally, the dismissal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud has contributed to heightened concerns regarding oil supply dynamics, particularly in light of ongoing conflicts in Ukraine, further negatively influencing market sentiment for Brent crude oil.

Global X Copper Miners ETF (COPX) [+0.8%]
The U.S. government has proposed a significant revision to its critical minerals list, adding copper and silver among six newly designated commodities essential for national security and economic stability. This draft, created by the U.S. Geological Survey, expands the list to 54 minerals and marks the first inclusion of copper and potash as critical. The update aims to bolster domestic production and reduce reliance on foreign sources, potentially benefiting mining projects by major companies like Rio Tinto and BHP. Concurrently, the Global X Copper Miners ETF (COPX) has seen a daily return of approximately 0.64%, reflecting positive sentiment towards copper amid geopolitical tensions affecting supply chains in energy and technology sectors. Notably, gold prices have risen due to expectations of a Federal Reserve rate cut, further supporting commodities linked to economic stability. Among COPX's holdings, ERO contributed positively, while FCX and BHP saw declines.

LLY | +2.8% | +18.9B
Eli Lilly and Co | Pharmaceuticals
Eli Lilly and Company reported positive results from the Phase 3 ATTAIN-2 trial of its oral GLP-1 receptor agonist, orforglipron, aimed at treating obesity in adults with Type 2 diabetes. Participants on the highest dose experienced significant weight loss, averaging over 10% over 72 weeks, compared to a minimal loss with placebo. A1C levels also showed improvement, with a notable percentage of participants reaching target levels. The safety profile aligned with existing injectable GLP-1 medications, although gastrointestinal side effects were noted. Eli Lilly plans to file for global regulatory submissions for orforglipron this year. Social media discussions highlighted the trial's success, emphasizing orforglipron's competitive efficacy and tolerability, while also acknowledging concerns about the broader obesity drug market and potential pricing pressures.

SATS | +74.4% | +10.5B
EchoStar Corp | Alternative Carriers
EchoStar Corp has entered into a definitive agreement with AT&T to sell its 3.45 GHz and 600 MHz spectrum licenses for approximately 23 billion, pending regulatory approval. This transaction encompasses around 50 MHz of nationwide spectrum and is expected to enhance AT&T's 5G network capabilities. Additionally, the agreement establishes a hybrid mobile network operator relationship, allowing EchoStar to operate Boost Mobile with AT&T as its primary network services partner. The deal is viewed as a significant step in addressing inquiries from the Federal Communications Commission. Following this announcement, EchoStar shares surged significantly in pre-market trading, with reports indicating an increase of up to 79%. Social media discussions highlighted the strategic importance of the transaction for both companies, reflecting strong bullish sentiment surrounding EchoStar's future prospects. The transaction is anticipated to close in mid-2026, contingent upon regulatory approvals.

ARGX | +4.5% | +1.9B
argenx SE | Biotechnology
Jefferies analyst Akash Tewari has raised the price target for argenx SE to 808.00 from 795.00 while maintaining a Buy rating. This adjustment follows positive data from the ADAPT-SERON trial, which showed a statistically significant benefit on the primary endpoint of MG-ADL change from baseline at day 29 (p=0.0068) for Vyvgart in seronegative generalized myasthenia gravis (gMG). The analysis suggests a potential 3-4 point benefit with Vyvgart. Argenx plans to submit a supplemental Biologics License Application to the FDA by the end of 2025, seeking a broad label in seronegative gMG. The company also indicated a possible priority review due to the absence of approved treatments for certain patient subtypes.

IBKR | +3.0% | +810.9M
Interactive Brokers Group Inc | Investment Banking & Brokerage
Interactive Brokers Group Inc will replace Walgreens Boots Alliance in the S&P 500, effective before the market opens on August 28, 2025. This change was announced by S&P Dow Jones Indices and will also result in Talen Energy taking Interactive Brokers’ position in the S&P MidCap 400. Following this announcement, shares of Interactive Brokers saw a notable increase in premarket trading, rising significantly. Social media discussions have highlighted this upcoming inclusion, with users celebrating the news and contrasting IBKR's position with Robinhood, which was not included in the index. Posts from approximately 14 hours ago noted a significant after-hours price movement for IBKR, with shares jumping notably following the announcement. The founder of Interactive Brokers, Thomas Petterffy, was mentioned as one of the wealthiest individuals globally, owning a substantial portion of IBKR shares.

NIO | +5.3% | +705.3M
NIO Inc | Automobile Manufacturers
NIO Inc. has received an upgrade to overweight from neutral by J.P. Morgan Chase, with a revised target price set at 8, reflecting an optimistic outlook on the company's potential. Concurrently, Morgan Stanley projects that NIO's monthly sales will reach between 40,000 and 50,000 vehicles starting in October. The company's Ledao L90 model has achieved a new delivery high, with 8,940 vehicles delivered within 24 days of its launch. Additionally, NIO Automotive Technology has registered the NOMI trademark and is planning to develop humanoid robots. At the upcoming Chengdu Auto Show, NIO will showcase its offerings alongside Firefly. Support for NIO Day 2025 by Hangzhou Culture and Tourism underscores the company's engagement with local communities. Recently launched limited-edition Firefly EVs are priced at RMB134k ($18k), with only 333 units available.

TLRY | +11.7% | +151.9M
Tilray Brands Inc | Pharmaceuticals
Tilray Brands Inc. saw a significant rally, gaining over 20% on Monday and an additional increase in after-hours trading. This surge follows Jefferies analyst Kaumil Gajrawala's reiteration of a "Buy" rating and an upward revision of the price target from 1.50 to 2, suggesting a potential upside of nearly 44%. The momentum is further supported by expectations of legislative changes regarding marijuana, with reports that President Donald Trump may reschedule marijuana to Schedule III by year-end. The stock has now closed above 1 for nine consecutive days, moving away from a recent 52-week low of 0.32, and is poised to regain Nasdaq compliance with the upcoming trading day marking the tenth consecutive day above 1.

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