Thursday saw a mixed performance in U.S. stocks as traders digested the latest data on May’s producer price index. The S & P 500 experienced a slight drop, although it remained close to record highs. Additionally, weekly jobless claims came in higher than expected, indicating some slack in the labor market despite the Federal Reserve’s decision to maintain interest rates unchanged.
Stock Highlights
One standout performer was Broadcom, whose stock surged 13% following an impressive earnings report driven by artificial intelligence technology. This led to management raising its full-year guidance and announcing a 10-for-1 stock split, positioning the company as a top player in the AI chips segment.
Industry News
In other news, Blue Cross Blue Shield of Michigan announced plans to discontinue coverage of weight loss drugs for Club holdings Eli Lilly and Novo Nordisk on select commercial insurance plans by 2025. However, this development does not alter the investment thesis for Lilly, as the demand for drugs like Zepbound continues to outstrip supply, with no sign of improvement in the near future.
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