Dow pulled back 237 (ending its winning streak), decliners over advancers 3-1 & NAZ was off 77.  The MLP index stayed near 240 & the REIT index sank 7+ to the 379s as yields rallied.  Junk bond funds fluctuated & Treasuries were very heavily sold, driving up the yields on the 10 year Treasury a very big 16 basis pints, taking it above 4%.  Oil rose 1+ to nearly 80 & gold retreated 25 to 1944 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Regulators unveil sweeping changes to Capital rules for banks with $100 billion or more in assets

An Eli Lilly (LLY) experimental drug helped patients lose about 26% of their weight on average following extended use or intensive lifestyle changes, according to results from 2 studies.  It’s the highest weight reduction seen in a late-stage clinical trial to date, the company said.  The injectable drug, tirzepatide, alone resulted in up to 22.5% weight loss in a previous phase 3 trial.  The data further bolsters LLY's position in the budding weight loss drug market & establishes the company as a formidable competitor to Novo Nordisk (NVO), the Danish manufacturer of the blockbuster Ozempic & Wegovy treatments.  LLY last month filed for Food & Drug Administration approval of the injection for chronic weight management.  Tirzepatide is already approved in the US & sold under the name Mounjaro for the treatment of diabetes.  Both trials followed adults who were obese or overweight with weight-related conditions, but excluded those with Type 2 diabetes.  Patients who stayed on the drug lost 26% of their weight on average after 88 weeks.  The findings of the trial “reinforce that obesity should be regarded like other chronic diseases where chronic therapy may be needed to maintain treatment benefits,” Dr Jeff Emmick, LLY's senior VP of product development, said.  The stock rose 1.26.
If you would like to learn more about LLY, click on this link:
club.ino.com/trend/analysis/stock/LLY_aid=CD3289&a_bid=6aeoso5b6f7

Eli Lilly says obesity drug helped boost weight loss to 26% in two trials

McDonald's (MCD), a Dow stock & Dividend Aristocrat, reported quarterly earnings & revenue that topped expectations as its China sales rebound & mascot Grimace drives US visits.  “This quarter, if I’m being honest, the theme was Grimace,” CEO Chris Kempczinski said.  The fast-food giant reported 2nd-qtr EPS or $3.15, up sharply from $1.60 a year earlier.  The company spent $18M during the qtr on its corp restructuring, which included layoffs & buyouts for some employees in Apr.  Excluding those charges & other items, EPS was $3.17.  Net sales rose 14% to $6.5B.  The company's global same-store sales climbed 11.7%, topping estimates of 9.2%.  All 3 of its divisions reported double-digit growth for same-store sales.  In the US, its largest market, same-store sales climbed 10.3%.  MCD also reported that visits to its US locations grew for the 4th consecutive qtr.  The stock rose 3.39.
If you would like to learn more about MCD, click on this link:
club.ino.com/trend/analysis/stock/MCD_aid=CD3289&a_bid=6aeoso5b6f7

McDonald’s earnings top estimates as mascot Grimace fuels U.S. sales

Gold prices ended at the lowest in 2 weeks as benchmark Treasury yields popped to almost 4% a day after the Federal Reserved bumped up rates to the highest in 22 years & said a US recession looks avoidable.  Gold futures for Aug closed at $1945 an ounce, down 1.2% & shedding $24, while booking the lowest settlement for the most-active contract since Jul 11.  The rising 10-year Treasury yield to 3.98% yesterday & a push higher in the $ against a basket of rival currencies put pressure on the precious metal.

Gold ends at lowest in two weeks as 10-year bond yield nears 4%

US crude futures finished 1.7% higher at $80.09 a barrel, marking the first time WTI has settled above $80 since Apr 18.  Helping sentiment was some very bullish economic data.  Jobless claims continue to fall & durable goods orders were strong.  Quarterly data was especially good, with GDP up 2.4% sequentially from the last qtr.  Oil prices trimmed their gains by more than $1 late in the session amid strengthening of the $, but quickly recovered to finish strong.   WTI has now finished higher in 5 of the past 6 sessions & looks poised for a 5th straight weekly gain . Brent also rose to end at $84.24.

WTI Oil Ends Above $80 for 1st Time in 3 Months

Stocks were eking out a gain in early trading, but sellers returned in the PM & took the averages lower.  Investors are worried about the rally in Treasury yields which has the ability to bring on a recession.  Stocks may have tough sledding going forward.

Dow Jones Industrials