Monday's Final Takeaways: NVO Stumbles in GLP-1 Race, U.S.-China Summit Begins

Sam Vadas (0:01)

Welcome back to Market on Close. I am Sam Vadas at the New York Stock Exchange. Here's some final thoughts on today's session. There was a bit happening on the weight loss drug front today. We did mention this earlier, shares in Novo coming under pressure after announcing new long-term goals at an investor day in London. The company said it's going to launch several new drugs by 2030 and expects to make about $23 billion in sales by 2035, but the news failed to impress investors. There is a view the company needs to come up with a plan to revive growth because it's losing ground to Eli Lilly. It's had an early lead in the oral market, but it still remains to be seen. It is can help it get back lost market share, particularly because Eli Lilly is trying to play catch up in that space. The company told CNBC today that one third of new GLP-1 pill patients are taking Thundeo and its share of the market is growing week by week. Eli says demand for the drug is rising in the US and it raked in $98 million in sales for the pill in Q2, which is its first quarter on the market. Switching gears and China and the US have had a successful start to talks ahead of the Trump-Xi summit in DC on Thursday. Treasury Secretary Scott Besson held a meeting with Chinese Vice Premier He Li-Feng over the weekend.

The meeting is seen as a tone-setter and laying the groundwork for the main event between the two presidents later in the week, which is likely to be the most closely watched bilaterals of the week for markets. In a positive sign for trade relations between the world's two biggest economy, China bought more American soybeans just days ahead of that meeting. Analysts say one of the barometers for success is whether they can extend their trade truce.

And heading into tomorrow, we've got a couple of things on the docker. The UN General Assembly starts, so you're gonna see a lot of traffic here in New York City. From the data front, we've got some jobs data and we'll start to get some regional business updates from the Richmond Fed manufacturing. And we've got plenty of Fed speakers as well. We'll hear from Williams, Jefferson and Barkin. Hopefully a little bit more color on what went on in that meeting that we got last week. But that's gonna do it here on Market on Close. I'm Sam Vadas. Be sure to download the Schwab Network app available in the Apple App Store. Tune in 24-7 schwabnetwork.com. Have a great evening. We'll catch you tomorrow.